High street supermarket chain Iceland saw like-for-like sales drop 10% in the four weeks to 21 July, according to till roll figures from the retail research arm of Taylor Nelson Sofres.
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Bill Grimsey, CEO of Iceland parent The Big Food Group, blamed the disappointing sales on an unpopular new pricing strategy, but added that according to Iceland’s own figures the slide is just 8.3% in the three weeks to 19 July.
The TNS data highlights the difficulties facing Iceland in a time when other major UK grocers are posted healthy sales growth. The chain issued its fourth successive profits warning last week while for the same four-week period, Tesco sales were up 9% and Asda, owned by Wal-Mart, recorded a 12% increase in like-for-like sales.
