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Frozen food specialist Iceland is revelling in the recession as more customers seek cheap food and look to cut waste.
The company saw sales in the last year jump 16% to £2.08 billion, making it one of the few success stories on the High Street.
Profit in the year to the end of March soared 84% to £114 million.
Chief executive Malcolm Walker told Retail Week that Iceland is “not taking part” in the economic downturn. “Recession? What recession,” he said.
Iceland claims its food is “fresher than fresh” and that it is stealing market share from rivals.
The chain will open 20 new stores this year on top of 51 former Woolworths stores that will be reopened as Iceland.
Walker founded Iceland in 1970 and ran it until 2001.
He returned in 2005 after the chain was acquired by an Icelandic consortium including Baugur, which still has a 14% stake.
The chain floated on the stock market in 1984.
