Retail
Inflation stamps down Aldi profits despite record sales in 2022
Discount retailer saw profits tumble by 56 per cent while profits topped €2 billion
Aldi’s profits halved in 2022 despite the retailer posting record sales, new results show.
The discount grocery chain saw turnover increase by 1.1 percent to €2.032 billion last year as it opened six new stores across Ireland.
However profits tumbled by 56 per cent from €39.4 million to €17.2 million in the same period, which the firm attributed to its price shielding strategy during high inflation.
The firm spent €1.1 billion across 330 Irish suppliers, ...