Iceland ‘confident’ about making highest profit for a decade

The frozen food chain shared its financial results with bondholders last week and said it was “confident” that this year’s profit would be the highest in a decade, according to The Times.

This is set to exceed the £176m made by Iceland in 2021 when sales were lifted by the temporary closure of restaurants during lockdowns.

Iceland said the forecast profit boost was driven by a reduction in energy costs, strong sales growth and cost-cutting measures.

The grocer has been taking measures to help customers manage inflation by freezing the price of hundreds of products at £1. Customers aged over 60 are entitled to a further 10% discount on Tuesdays.

Iceland also offers customers interest-free loans between £25 and £100.

An Iceland spokesperson said: “We strive to do all we can to help our customers, especially when there is economic uncertainty.

“We constantly check all our prices to ensure that we offer our customers better value than the major supermarkets across our whole product range — and we are significantly cheaper for frozen food.”

Iceland’s results will amplify scrutiny over whether supermarkets have been profiteering during a cost-of-living crisis.

Representatives from Tesco, Sainsbury’s, Asda and Morrisons were recently grilled by MPs over soaring food and fuel costs.