Netto managing director Richard Lancaster has revealed the supermarket’s profits and like-for-like sales are substantially up this year, driven by enhancements made to its stores and product.
Lancaster, who took the helm at Netto earlier this year, said: “Our improved sales performance has been driven by a combination of factors including enhanced and extended ranges, improved store layouts and the introduction of impactful point of sale material.”
He declined to comment on last year’s performance before he took up his post, but a spokeswoman said it was “disappointing”.
According to accounts filed at Companies House, in the year to December 31, 2006, Netto’s profits tumbled to£2.8 million, compared with£86.9 million the previous year. Sales rose 5 per cent to£627.4 million.
However, the fall was largely down to an exceptional item in 2005, described as “income from shares in group undertakings”, of£84.1 million.