Lidl posts record sales in Czechoslovakia
Lidl, the German discount retailer, has posted a record profit in Czechoslovakia, after making a loss last year.
The company's Czech operations made a profit of Kc906m for the year ending February 2009, according to the Prague Daily Monitor. The previous year saw a loss of Kc52.5m. The company entered the country in 2003, and was running 210 stores in January 2010.
The record sales growth is likely to be partly due to 10 new store openings. Sales grew by 12% in the period.The retailer, which is actively pursuing expansion into Eastern Europe, has recently bought the Romanian and Bulgarian Plus discount chain from German rival Tengelmann.
According to local press, the company is now ranked as the second largest Czech retailer, after Penny Market.
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