Supermarket chain Lidl doubled its pre-tax profit in Northern Ireland to £22 million last year.
New accounts published by Companies House show sales in the German retailer’s northern operation rose by 14% to £496.75 million in the 12 months to February 28 2024.
Lidl Northern Ireland’s profit-before-tax surged by 100% over the same period, rising by £11m to £22m.
It marked a significant turnaround on the retailer’s 2023 accounts, which disclosed a 36% (£6.2m) to its profit-before tax amid rising costs.
The latest annual report shows Lidl not only recovered the ground lost in 2023, but recorded one of its most profitable years since opening its first Northern Ireland store in 1999.
Lidl said profit in the latest trading year was driven by volume growth from new and existing customers, and “focused cost control to drive efficiencies and margin”.
Data from retail monitor Kantar estimated Lidl enjoyed an 8.6% growth in trips over the period.
The retailer is preparing to open its 43rd supermarket in the north at Carryduff Shopping Centre on December 12.
It followed the opening of its first south Belfast store on Boucher Road in September.
The company is also continuing a store replacement scheme, with its new supermarket on Belfast’s Stewartstown Road opening today (Thursday).
During the period covered in its latest accounts, Lidl employed a staff of 1,279 in Northern Ireland, with staff costs rising 5% year-on-year to £31.6m.
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