LIDL more than doubled its profits in Northern Ireland last year, securing its status as the region’s fastest growing retailer.
The German supermarket chain revealed its profit after tax rose 114 per cent to £11.8 million for the year ending February 2022.
It came on the back of a 7 per cent growth in sales for its northern operation to a record £369.4m for the 12 month trading period.
JP Scally, who heads the Lidl operation on the island, described it as “an impressive trading performance”.
He said: “This significant year-on-year sales growth is testament to our established business model which continues to deliver for us and for our nearly half a million weekly customers across the region.
“Despite the challenges, we’ve held our position as Northern Ireland’s fastest-growing supermarket.”
The chief executive said the retailer is now focused on further growth in the north.
Lidl now employ more than 1,000 people across its distribution hub and 41 stores on this side of the border.
The Irish News revealed in September how the supermarket chain is now planning to expand that to 66 stores in the long term by targeting smaller settlements around the north.
The company has also continued on a modernisation programme for its store portfolio, with its 19th replacement supermarket opening in Omagh last month.
JP Scally said Lidl is on course to reach 50 stores in the north by the end of the decade.
“Our consistently strong business performance allows us to continue to invest resources in expanding our local supplier network,” he said.
Reflective of the recent surge in its earnings, Lidl’s latest financial results show its tax bill increased by 74 per cent to £5.4m for the year to February 28 2022.
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