Aldi today reported its profits had fallen for the third year in a row despite its usual tale of rising revenues.
Operating profit dived 17% despite sales and market share doubling in just four years, which the discounter attributed to its focus on investment.
It comes as the recoveries of two members of the big four – Morrisons and Tesco – gather pace and the grocery market comes under severe pressure from inflation.
Many would conserve their cash in that market. Instead, the discounter is experimenting, ploughing money into its fresh food format in a bid to differentiate itself.
Quote of the day
“The step is a strategic move which ties into multiple facets of our Debenhams Redesigned strategy. Debenhams can adopt an entrepreneurial approach to a growing market, acquiring external expertise with flexibility and low overhead commitments”
– Debenhams chief executive Sergio Bucher on the rationale behind its acquisition of a stake in Blow
Today in numbers
The fall in Wyevale Garden Centre’s full-year EBITDA.
The number of co-chief operating officers at Harvey Nichols.
MySale reports its full-years while Card Factory reports its interims.
Becky Waller-Davies, reporter