Discount Retail Chain Lidl Latvija (owned by the German Schwarz Group) has a turnover of 101.42 million euros (US$ 106 million) from March 1, 2021 to February 28, 2022, but losses increased to 53.36 million euros (US$ 56 million), according to information published by "Lursoft Customer Portfolio".
The losses were incurred as the company continued to invest in the development of the retail chain and related processes.
The first 15 stores were opened by SIA Lidl Latvija only on October 7, 2021, by the end of the financial year the company had opened 18 stores.
Last financial year, SIA Lidl Latvija was the employer of 1,768 employees, paying a total of 16.07 million euros in tax payments to the state budget last year, 2.77 thousand euros in personal income tax per employee, and 5% in mandatory state social insurance contributions, 7 thousand euros.
SIA Lidl Latvija continued its efforts in the field of sustainability by implementing several projects. Together with the World Wide Fund for Nature, several environmental clean-ups were organized, and the company participated in the World Environmental Campaign "Earth Hour" with its projects. In order to promote employees' understanding of more environmentally friendly solutions, SIA Lidl Latvija also organized several activities on both more environmentally friendly modes of transport and waste sorting.
In the previous financial year, which lasted from March 1, 2020 to February 28, 2021, Lidl Latvija's turnover was 2.6 million euros (US% 2.7 million), with the company's loss of 51.59 million euros (US$ 54 million).