Privately-owned German discount giant Aldi has revealed its business in the UK and Ireland enjoyed strong sales and earnings growth in 2008.
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In a filing at Companies House, Aldi booked retained profits of GBP73.6m (US$117m) for the 12 months to 31 December 2008 – up from GBP59.8m a year earlier.
Operating profit almost doubled, reaching GBP88.9m against GBP48.2m in 2007.
The growth in earnings came as Aldi’s sales benefited from the onset of the downturn in the UK and Ireland in the back half of 2008.
Group turnover for 2008 stood at GBP2.01bn – up from GBP1.53bn in 2007.
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By GlobalDataIn recent months, Aldi’s sales growth in the UK has slowed as its larger, mass-market rivals like Tesco, Asda and Morrisons fought back on price.
According to the most recently published figures from TNS, Aldi’s UK sales rose 8% in the 12 weeks to 6 September – still buoyant growth but slower than the business saw in late 2008 and early 2009.
Morrisons enjoyed growth of 9.3%, while upmarket retailer Waitrose posted sales growth of 11.2%.
Aldi’s operations in the UK and Ireland are now under the stewardship of company veteran Armin Burger, who replaced Paul Foley in August.
Foley left Aldi “by mutual consent” after 20 years with the business.
