Discount Retail Chain Lidl (owned by the German Schwarz Group) for the first time in history exceeded the EUR 100 billion (US$106 billion) mark in sales, and its parent company, the Schwarz Group, also performed well. This means that the new Schwarz Group president, Gerd Chrzanowski, did not waste his chance for a good start.
The results for the financial year 2021/22 are a milestone for Lidl: the retailer reported sales of € 100.8 billion. This is an increase of 4.7 percent. The increase in turnover is partly due to the opening of 300 new stores.
Good results for the Schwarz Group The entire Schwarz Group recorded good results: turnover increased from EUR 125.3 billion (US$132 billion) to EUR 133.6 billion (US$141 billion). The Kaufland hypermarket chain increased its turnover by 7.4 percent, to EUR 27.3 billion (US$29 billion). The group's total online turnover was 1.7 billion euros (US$ 1.8 billion). The group runs over 13.3 thousand stores and invested around EUR 8 billion (US$8.5 billion) last year in expansion, modernization and digitization.
Good data supports CEO Gerd Chrzanowski, who took office this financial year after an internal struggle for power in the group and decided to revolutionize the company. He wants to turn a tightly managed, traditional retailer into an agile, digital company.