UK: Aldi profits up as shoppers seek bargains

Profits at Aldi have risen as squeezed British shoppers look for ways to lighten the economic load of their trolleys.

Accounts filed at Companies House, the UK government business body, show that the hard discounter has reported an operating profit of GBP18.7m (US$28.8m) this year, compared with an operating loss of GBP21.2m the previous year. The figures show that sales have increased 4.6% to GBP2.13bn.

Commenting on the results, Matthew Barnes and Roman Heini, Aldi’s managing directors, said: “We initiated a disposal programme of older stores and assets surplus to requirement two years ago.

“This programme has continued throughout 2010 and accounts for the whole of the loss. In 2011 we are beginning to see the benefit of the investment in our products and stores, with both increased turnover and profitability.”

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