Lidl has managed to narrow its losses in the Swedish market for the financial year ended February 2012, closing the gap on the previous year's losses by SEK 231 million (about €26 million).
Local press reported that the Schwarz Group-owned discounter posted a loss of SEK 14 million (about €1.6 million) in 2011/12, compared to a SEK 245 million figure (about €28.3 million) in 2010/11.
Calculations by Swedish newspaper Dagens Nyheter set the German retailer's total losses at SEK 3.075 billion (about €356 million) since it entered the market almost 10 years ago.
Planet Retail reports that the retailer said it is seeing a “positive development” in Sweden, having taken on board the needs of its Swedish consumers, revamping checkouts and adding more national brands to its product offering. Its commitment to its 150 or so stores in the country is solidified by news from the retailer that it is investing in a new warehouse, north of Stockholm. (10 Dec)
© 2012 - ESM: European Supermarket Magazine
