UK frozen food retailer Iceland has booked a 14.8% jump in profits for the fiscal on the back of new stores and an expanded product line-up.
The majority owner of Iceland, Landsbanki, is preparing to sell a 67% stake in the chain.
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The sale has attracted considerable interest, with UK retailers Morrisons and Asda rumoured to be eyeing the company. Meanwhile current Iceland management – led by CEO Malcolm Walker – has also insisted that it wants to increase the 23% share currently held and take 100% ownership of the retailer.
In a closely-watched statement released ahead of the sale, Iceland said today (10 June) that pre-tax profit for the year to 25 March rose to GBP155.5m (US$253m), up from GBP135.4m last year.
Sales increased 5.9% to GBP2.39bn as the group opened 21 new stores and shuttered one outlet in the period. Like-for-like sales climbed 2.1%, boosted by an expanded product offering – Iceland added more than 200 new products during the period – and advertising featuring X Factor’s Stacey Solomon.
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By GlobalData
