Iceland is fired up after taking over Woolworths stores

Frozen food store Iceland today reported record results as it benefited from the takeover and conversion of more than 50 Woolworths stores.

The firm said sales rose 10.4% to £2.26 billion in the 12 months to March 26, driving profits up 19.4% to £135.4 million. Like-for-like food sales increased 4.3%.

Iceland opened 74 new stores last year, including
51 former Woolworths sites it took over and transformed after Woolies went bust. It now has 730 Iceland stores and 46 under the Cooltrader brand and has a 2% share of the UK food market.

Chief executive Malcolm Walker said: "The UK food market has undoubtedly changed over the last year with competition becoming more aggressive than ever."

Walker set up the first Iceland store in Oswestry, Shropshire, in 1970 while still working at Woolworths. He returned to run the company in 2005.