German discount company Lidl has announced plans to increase the number of stores in the UK to 1,100 stores by 2025, up from 880 stores today.
The supermarket chain said the move would create 4,000 new jobs.
The latest UK accounts published on Wednesday morning show a 12 per cent increase in revenue to £7.7 billion in the 12 months to the end of February.
That helped the company post a pre-tax profit of £9.8m, compared with a pre-tax loss of £25m the year before.
It said that despite the challenges posed by the pandemic, it opened 55 new stores in the UK during the year, helping it meet its previously set target of having 1,000 stores by the end of 2023. .
It said the improved results “can be attributed to the business’ ambitious expansion plans and prudent investments in the UK”.
“We have delivered impressive business performance during this period supported by our continued investment in new and existing stores, product and customer innovation,” said owner Christian Härtnagel. our people,” says owner Christian Härtnagel.
He said the company remains confident in its strategy and store-first approach.
It currently has more than 880 stores, more than 26,000 employees and 13 distribution centers in England, Scotland and Wales.
Impact of Brexit
Lidl UK warned that the changes it was forced to make because of Brexit could “put pressure on the company’s resources and capacity, leading to serious disruptions to the supply chain”.
It lists key impacts including strengthening import and export controls in and out of the UK.
It also covers additional certification and licensing as well as additional border checks by health authorities.
It said the capabilities and capacities of customs agents had been “stretched to the maximum”, which had “limited their ability to handle goods more efficiently”.
It also revealed that government deadlines for some shipping lines had been missed, leading to delays at UK borders because of “errors made in the indication of incoming goods”.
There are also additional costs due to customs duties and import costs, it said.
