Iceland Slides Further Into the Red With Costs Up More Than Three-Fifths

Grocery retailer Iceland again boosted sales across its estate in the Republic, but profit slipped further into the red as costs spiked almost 62 per cent, The Irish Times reported. The UK frozen foods retailer posted a rise in sales of 17 per cent to €57.7 million as it continued to expand its store network here in the year to March 29th, 2019. Iceland now has 26 outlets spread across the country in locations such as Donegal, Cork, Dublin and Galway. The business is run by British retailing veteran Malcolm Walker, whose Iceland parent company in the UK took back the Irish franchise from its previous owner in 2013. And while it has been expanding at breakneck speed in the Republic, its accumulated losses have continued to rack up, totalling €7.1 million by the end of March. Read more