Losses rise at frozen food retailer Iceland
Expansion costs at the Irish arm of food retailer Iceland last year contributed to pre-tax losses more than tripling to €2.48m.
New accounts filed by Iceland Stores Ireland show that pre-tax losses rose sharply in spite of revenues increasing by 17pc from €49.23m to €57.7m in the 12 months to the end of March 29 this year.
According to the directors' report, the business continued to trade successfully and five new stores were opened during the period.
The pre-tax loss of €2.48m is a 258pc increase on the pre-tax loss of €676,000 in fiscal 2018.
The opening of five new stores last year followed nine store openings in the previous year.
On the company's future developments, the directors state that they "are looking to expand the business by opening new stores in the next financial year".
The retailer now has 26 outlets in operation here. The expansion of the Iceland store network here resulted in the number of employees increasing to 446 from 369 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.