Home Business NewsBusinessBusiness Growth Lidl reports hefty £25m loss due to expansion

Lidl reports hefty £25m loss due to expansion

by LLB Finance Reporter
28th Jan 21 3:26 pm

The German supermarket giant Lidl has reported a £25.2m pre-tax loss in the year to 29 February, 2020 after heavily investing in more stores and expanding their workforce.

The German supermarket spent £654m adding a further 51 stores with a new warehouse in Motherwell, Scotland.

Lidl also increased their workforce across the UK by 8% to 23,249 after employing a further 1,800 employees.

After which the group kept hiring due to the demand during the pandemic and took on another 8,000 employees, and opened 50 more stores as their target is 1,000 stores by 2023 with £1.3m investment.

Chief executive Christian Hartnagel said, “Whilst the world has changed considerably since this financial period (full year 2019-20), our driving focus remains on offering customers the best quality products at the lowest prices in the market.

“We will continue to focus on providing customers up and down the country with this, as we grow our store estate, logistics and operations.

“We are confident in our strategy and see huge potential in the market long-term and will continue to hire more colleagues, invest in British suppliers, open more stores and become an integral part of more communities.”

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