Iceland Foods reported a loss in its last financial year, despite a rise in sales.

The retailer, which has stores in Gloucester, Cheltenham, Stroud and Dursley, was hit by a £17.1m loss, due to an 'unprecedented' £94m rise in its annual energy bill, as reported by Retail Gazette.

Iceland sales for the year to March 24, 2023 , rose slightly from £3.61bn in 2022 to £3.86bn, which it attributed to a record-breaking Christmas and opening 24 new stores.

The frozen food specialist said its efficiency and cost saving programmes had allowed it offset most of the inflationary pressures it faced. It has now reduced its cost base, and said it is on track for increased profits in the future.

Iceland isn't releasing a Christmas advert this year, to allow it to invest more money in keeping prices down.