Connect with us

Hi, what are you looking for?

Editor’s Pick

Discount supermarket chain Lidl plans 1,100 UK stores by 2025

German discounter Lidl has announced plans to increase the number of its UK stores to 1,100 by 2025, up from 880 now.

The move will create 4,000 new jobs, the supermarket chain said.

Its latest UK accounts published on Wednesday morning showed revenues climbed 12% to GBP7.7bn in the 12 months to the end of February.

That helped it post a pre-tax profit of GBP9.8m, compared with a GBP25m pre-tax loss in the previous year.

It said that despite the challenges posed by the pandemic, it opened 55 new UK stores in the year which left it on track to reach its previously stated aim of having 1,000 stores by the end of 2023.

It said the improved results “can be attributed to the business’ ambitious expansion plans and prudent investments in Great Britain”.

“We delivered an impressive trading performance in the period which was supported by our continued investment in new and existing stores, product innovation and our people,” said boss Christian Hartnagel.

He said the company remained confident in its strategy and its stores-first approach.

It currently has more than 880 stores, more than 26,000 employees, and 13 distribution centres in England, Scotland and Wales.

Brexit impact

Lidl UK warned that changes it had been forced to make because of Brexit could “put pressure on the company’s resources and capacity, leading to severe disruption to the supply chain”.

It listed the key impacts which included increased administration in importing and exporting in and out of the UK.

It also mentioned additional certification and licensing as well as additional border checks by health authorities.

It said customs agents’ capability and capacity have been “stretched to a maximum” which had “limited their ability to process goods more efficiently”.

It also revealed that government deadlines for some shipping lines had been missed, leading to delays at the UK border because of “mistakes being made during manifestation of incoming goods”.

There have also been additional costs due to customs duties and import costs, it said.

Read more:
Discount supermarket chain Lidl plans 1,100 UK stores by 2025

Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

Latest

News

SAM WORTHINGTON in Avatar: The Way of Water LONDON — Filmmaker James Cameron is taking audiences back to his visually mesmerizing world of Pandora,...

News

IN a fictional Japanese village called Kuge, a newly hired police officer Daigo Agawa (played by Yuya Yagira) arrives in town a broken man....

News

LONDON – Britain’s royal family will be braced for renewed criticism from Prince Harry and his wife Meghan on Thursday when a Netflix documentary...

News

1 of 8 Christmas at Alabang Town Center ALABANG Town Center’s Christmas Emporium takes centerstage at the Town Plaza, and includes a full-scale Tower...

News

L FILIPE C SOUSA-UNSPLASH THE Department of Transportation (DoTr) is engaging the Asian Development Bank (ADB) for technical support in opening up the Ninoy...

News

1 of 6 Quarentados, Save the Children offer virtual caroling THE VOCAL group Quarentados partners with Save the Children Philippines for “Namamasko Po,” virtual...

You May Also Like

News

BW FILE PHOTO GROSS BORROWINGS by the National Government reached P2.6 trillion as of end-September as it continued to raise funds to respond to...

News

REUTERS By Luz Wendy T. Noble, Reporter The country’s foreign exchange buffers slightly increased as of end-October as the value of the central bank’s...

News

KARASOLAR.COM TENA, Ecuador — Ecuador’s rainforest Achuar people say their ancestors long dreamed of a “fire canoe” or “electric fish” that would let them...

News

COVID-19 has had a significant impact on the mental health of Filipinos across different groups all over the archipelago. From frontline workers, parents balancing...

Disclaimer: Respect Investment.com, its managers, its employees, and assigns (collectively "The Company") do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2022 Respect Investment. All Rights Reserved.