A major supermarket has announced an increase in sales and profits following a major restructuring of the business.

Iceland, which has stores in Gloucester, Cheltenham , Stroud and Dursley, said its sales were up 4.4 per cent to £2,792billion and the overall earnings rose to 6.3per cent to £160million in the year to March 24, like for like sales also increased by two per cent.

Iceland has trebled the size of its food chain to 24 new store openings, Iceland believes that the new generation of core Iceland stores has proven to extend their appeal and help the pace of product development.

Iceland founder and executive chairman Malcolm Walker CBE said: "The set of strategic initiatives we began in 2015, with the aim of differentiating Iceland, changing consumer perceptions and so restoring growth to our business, bore fruit in the year under review.

"Like-for-like sales performance improved throughout the year to make us one of the UK's fastest-growing food retailers by the year-end.

"At the same time we reinforced our value credentials through a programme of outstanding value deals, made our stores more relevant and accessible to customers by extending and standardising their opening hours, and continued to open profitable new stores under both The Food Warehouse and Iceland fascias.

"We also devised a new store format for our core Iceland stores which extends their appeal and offers significant potential for the future, while our Online business was re-affirmed as the best in the UK and continued to grow strongly."

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