Quarterly Comment: Iceland Foods
​UK-based food retailer Iceland Foods has released sound 3Q16/17 results for the period ended December 30, 2016. LFL sales rose by a nice 3.8% yoy in Q3 thanks to a good Christmas, outperforming the UK grocery market (+1.8%, with food inflation at 0.2%). The frozen range (about 1/3 of sales), which remains at the core of the product diversification strategy, continues performing well. The group thus confirmed the improvements seen in Q2, when LFL turned positive at +0.8% after a prolonged period of decline and underperforming competitors. Since Q1, Iceland has increased the pace of store expansion with the opening of 20 food...
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