Netto releases increased sales and profit figures

Hard discounter Netto boosted sales and profits last year, according to accounts filed at Companies House.

The retailer, which has 130 UK stores, increased turnover to£509 million for the year ending August 31, last year - up from£490.8 million. Pre-tax profit climbed to£9.9 million from£8 million in 2001.

Danish-owned Netto plans to open approximately 15 shops this year and has expressed an interest in picking up Safeway stores that may be off-loaded in the event of the latter's takeover.

Netto is the smallest of the foreign-owned hard discounters operating in the UK, behind Lidl and Aldi.

Netto managing director Thomas Jellum said: 'The growth is not the best because our figures in 2001 were quite weak. We are up again. It's not particularly satisfying, but it's acceptable.'