It was with much joy and surprise that I learned that one of the powerful supermarket chains has finally broken ranks and published financial returns for its Irish stores.
Aldi recorded profits of €71m in 2020, up from €49m the previous year. The German-owned retailer – which has 149 Irish outlets and employs 4,600 – had a turnover of almost €2bn in Ireland.
Aldi’s move sheds some light on Irish supermarket profits. Indeed, Ireland was reputedly dubbed “Treasure Island” by some in the retail sector because of the inflated profit margins attainable here.
These heightened earnings were illustrated in Aldi’s 2020 returns, with the company recording a profit margin of 3.6% for Ireland compared to 2.1% for Britain.
While it was good to finally see some transparency in terms of retailer margins, will the other multiples follow Aldi’s lead, I wonder?