Germany: Schwarz Gruppe reports double-digit sales growth

Germany: Schwarz Gruppe reports double-digit sales growth

Schwarz Gruppe, which operates the supermarket chains Lidl and Kaufland, has finished the financial year with double-digit sales growth, Handelsblatt reports.

Total income for the year ending February 2014 was €74 billion ($103 billion), an increase of 10% on FY 2013. A company spokesperson is reported as attributing the increase to growth in same-store store sales, with gains seen particularly in revenue from fresh bakery products.

The sales growth reportedly sees Schwarz overtake Metro in revenue terms, with the latter recording total sales in its 2013 financial year of around €65 billion ($90 billion).

Meanwhile total headcount also increased over the course of the financial year, with the company now employing a total of 335,000 staff – an increase of 15,000.

Schwarz operates around 3,300 Lidl stores and 635 Kaufland stores across Germany.

Source: Handelsblatt