Iceland feels a festive sales chill
12 April 2012
STRUGGLING supermarkets group Iceland admitted that underlying Christmas sales fell more than 4% as the stores cut back on loss-making special offers.
Fewer customers visited but they spent more money, and gross margins were also ahead. Full-year profits are set to meet City expectations of about £40m. 'I will not look to boost like-for-like sales at the expense of profitability for short-term presentation purposes,' said chief executive Bill Grimsey.
Booker, which contributes two-thirds of group profits, delivered a 0.5% increase in sales, excluding the impact of new space. Net debt has fallen from £495m to £425m.
