Frozen foods retailer Iceland sees Irish losses soar on expansion costs

Frozen foods retailer Iceland sees Irish losses soar on expansion costs

Expansion costs at the Irish arm of British frozen food retailer Iceland contributed to pre-tax losses more than trebling to €2.48m last year.

Newly-filed accounts for Iceland Stores Ireland Ltd show that despite the widening in losses, revenues rose by 17% - during the 12 months to the end of last March - to €57.7m.

The opening of five new Irish-based Iceland stores last year followed nine store openings in the prior year. The retailer said it is continuing to look to expand its store numbers here. Iceland now has 26 stores in Ireland.

The company made a post-tax loss of €2.27m after recording a tax credit of €215,000.

The expansion of the Iceland store network here resulted in the number of employees increasing from 369 to 446 in the last year, made up of 419 in sales and 27 in head office roles. Staff costs last year increased from €6.42m to €7.44m.

Underlining the company’s expansion operating lease costs last year increased from €1.83m to €2.28m while non-cash depreciation costs increased from €1.8m to €2.92m. The Irish unit's cash pile declined from €2m to €1m.

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