September 16, 2019 / 6:19 AM / 3 months ago

Aldi UK to invest 1 bln stg as profits fall

LONDON, Sept 16 (Reuters) - The British and Irish arm of German discount supermarket group Aldi on Monday reported a 26% fall in operating profit for 2018 but said it would invest 1 billion pounds over the next two years, ramping up pressure on rivals.

For the year to Dec. 31 2018 Aldi UK and Ireland made an operating profit of 197.9 million pounds, down from 265.9 million pounds in 2017. Sales increased 11% to 11.33 billion pounds.

The firm said it would invest 1 billion pounds in stores and distribution centres across the UK over 2019 and 2020. Currently trading from 840 stores, it kept its target for 1,200 stores by the end of 2025. ($1 = 0.8015 pounds) (Reporting by James Davey, Editing by Paul Sandle)

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