Lidl Sweden has ended in the red for the third consecutive year, although the company’s losses are narrowing.
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Lidl posted an operating loss after financial items for 2006/07 of SEK339m (US$53m), down from SEK351m a year earlier.
Lidl’s total losses since the company set up operations in Sweden in 2003 stand at SEK1.6bn, but losses have slowed sharply.
Annual turnover grew by SEK604m to SEK3.7bn last year, while the number of Lidl staff jumped by more than 10% to 2,480 employees. Lidl has taken over several of rival Netto’s stores in the past year.
The discount chain insisted its Swedish expansion programme is still on track. Lidl said it plans to open 15 more stores before the end of the year and the plans are bearing fruit in terms of market share.
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By GlobalDataLidl, with 120 stores, is forecast to have 3% of the Swedish market by the end of the year, compared to 2.2% last year.
