Subscribe Login
Retail

Expansion Costs Cut Into Iceland's Earnings In 2018

Expansions costs for the Irish arm of Iceland led to pre-tax losses of almost €2.5 million last year.

As reported by the Irish Examiner, the UK-based frozen food retailer’s expenses offset an impressive jump in turnover.

At A Cost

In the 12 month period ending 31 March, Iceland Stores Ireland Ltd reported losses of €2.48 million, despite a 17% increase in turnover to €57.7 million.

The retailer opened five stores in Ireland last year, following from nine new openings in 2017.

The company’s operating lease costs increased from €1.8 million to €2.3 million.

With a total of 26 stores in the country, Iceland said it will continue to look to expand.

As a result of its current rate of expansion, the number of people employed by the chain has increased by 77, to 446 people.

As a result, staff costs increased from €6.4 million to €7.4 million.

© 2019 Checkout – your source for the latest Irish retail news. Article by Aidan O’Sullivan. Click sign-up to subscribe to Checkout.

Stay Connected With Our Weekly Newsletter

Processing your request...

Thanks! please check your email to confirm your subscription.

By signing up you are agreeing to our Terms & Conditions and Privacy Policy
Enjoy unlimited digital access for 30 days
Enjoy full access to Checkout Magazine, our weekly email news digest, access to all website and app content, and the latest digital magazine for a full 30 days.
Enjoy unlimited digital access for 30 days
Enjoy unlimited digital access for 30 days
Enjoy full access to Checkout Magazine, our weekly email news digest, access to all website and app content, and the latest digital magazine for a full 30 days.
Enjoy unlimited digital access for 30 days