Iceland blames widening losses on tough trading conditions and Brexit
Frozen food retailer Iceland has blamed uncertainty concerning Brexit and the political situation in the UK for its losses in 2019/20. Despite these losses, overall sales grew to £3.2 billion and the retailer opened 71 new Iceland and Food Warehouse stores.
The company has benefited in part from changes in consumer behaviour due to the COVID-19 pandemic with its market share growing to 2.5%. This was driven by the rise in online sales and increased stockpiling by consumers. The pandemic also led the retailer to incur costs as it was forced to purchase PPE equipment and implement social distancing measures in-store.