Aldi turned UK operating losses of more than £21m in 2009 into operating profits of £18.7m last year, underlining the continued resurgence of the discounters.
Sales at the German-owned discounter grew by £95m, or 4.6%, to £2.14bn, accounts filed at Companies House revealed today.
However, charges associated with selling off a number of older stores piled up to £57m. That accounted for pre-tax losses of £56.9m last year, £2.6m more than it lost in 2009.
“We initiated a disposal programme of older stores and assets surplus to requirement two years ago,” joint MDs Matthew Barnes and Roman Heini said in a statement.
“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.”
The most recent sales data from Kantar saw Aldi maintain its record market share of 3.5%. It set the pace among the major multiples with sales up by 25.6% year on year.
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Is Tesco and Asda’s loss, Aldi and Lidl’s gain? It looks like it (analysis; 10 September 2011)
Aldi own-label holds its own against brands (6 September 2011)