Iceland reported adjusted EBITDA of £140.1m in the 52 weeks to March 29, down 8.7% on the previous year. Sales advanced 2.2% to £3.08bn.

The frozen food specialist, which owns the Food Warehouse chain as well as eponymous stores, said the slide in earnings “occurred entirely in the first half of the year and reflected sales performance, increased staffing costs as a result of the rise in the National Living Wage, increased distribution costs as a result of both higher fuel prices and the need to adapt our network to accommodate growing demand, investment in price, notably in our Seven Day Deal great value offers, and the timing of marketing expenditure”.