Privately-owned frozen food chain, Iceland has posted flat annual profits due to intense competition, food price deflation and changing consumer shopping patterns.
For the 12 months to March 26, the group saw its full year earnings rose by 0.2% year-on-year to £150.5m. Like-for-like sales fell by 2.7%, which is an improvement on the 4.4% fall in the previous annual results.
The group has been affected by a decline in high street footfall, and a fall in smaller basket sales due to a wide range of outlets selling top-up groceries at discounted prices.
Founder and chief executive, Malcom Walker said, “We have achieved good progress with a range of strategic initiatives designed to differentiate our business, and stabilise our financial performance, in what remains an extremely challenging market.”