Iceland Foods 2Q17/18 - Temporary hit on margins; broadly stable underlying trend
UK-based food retailer Iceland Foods has published slightly weak results for its 2Q17/18 ended 8 September 2017. As expected, LFL sales growth was again positive, but slowed down sequentially to 2.2% yoy in Q2 (equally driven by higher basket and transaction numbers), against 6.4% in Q1, as the group faced a tougher comparison base. This is below the 3.8% growth of the UK grocery market, which was primarily driven by food inflation (+3.2%). Including new stores, with the continued expansion of the larger food warehouse store format (47 stores at the end of the quarter against 20 last year), sales increased by 5.3% to £641m.
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