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: The opening of six new Aldi stores brought the retailer’s shop count to 160 nationwide, while it pointed to plans for further expansion

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, ...