May 3, 2018 / 3:52 PM / 8 months ago

Lidl owner targets over 100 bln eur in sales in 2018

BERLIN, May 3 (Reuters) - Germany’s Schwarz Gruppe, the owner of discount retailers Lidl and Kaufland, is aiming to reach over 100 billion euros ($119.6 billion) in sales this year and plans to keep on investing.

Lidl and rival discount supermarket chain Aldi have been ploughing ahead with investment in other countries, especially in Britain, where they have been taking market share from the traditional players there.

Schwarz Gruppe said in a brief statement on Thursday that last year sales rose 7.4 percent to 96.9 billion euros, of which 74.6 billion came from Lidl, which has 10,460 stores in Europe and the United States.

The group invested 7 billion euros last year and said it was aiming for a similar amount this year.

$1 = 0.8363 euros Reporting by Victoria Bryan Editing by Alexandra Hudson

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