For the year ending 24th March 2024, Iceland reported that underlying profits rose by 24% to £315.7 million, while sales increased by 6.6% to £4.2 billion. Iceland’s performance reflected shoppers’ desire for value for money amidst the cost-of-living crisis as Iceland expanded its £1 value range, as well as lower electricity costs. Iceland had previously been impacted by energy costs due to its need for large freezers. Rising energy costs had affected Iceland the previous year, increasing by £95.7 million to £163.2 million; however, they have since decreased, and Iceland has reduced energy consumption by 10%.