Iceland profits slide

earninGS at iceland slumped by £4.6m after distribution costs increased.

Profits at the frozen food retailer fell to £27.5m in the 24 weeks to September despite a 4pc jump in sales.

iceland opened 12 supermarkets during the period, taking the number of stores in the UK to 949.

Unlike most grocery groups, most of iceland’s shops are on the high Street rather than in out of town locations.

it plans to open 13 stores over the next three months, with sales expected to continue growing.

however, the flintshirebased company warned that its debt pile may increase by the end of the year because of increased investment in the business.