Lidl UK hit with £25m pre-Covid losses

Lidl's pre-tax losses hit £25 million in the year ending 29 February 2020.

Losses after tax were £13.6 million, as the company continued to invest in new stores, staff, and logistics.

In 2019 the supermarket invested £654 million 51 new stores and a regional distribution centre in Scotland.

The retailer said that its £6.9 billion revenue for the financial year 2019/2020 reflected a record number of shoppers visiting its budget stores.

Lidl saw increased Christmas sales of 17.9 per cent last year.

Earlier this month the budget retailer was named by Which? as the cheapest UK supermarket in 2020.

“Whilst the world has changed considerably since this financial period (FY 2019/2020), 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,” said Christian Härtnagel, Lidl GB chief executive.“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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