Lidl's Sales Could Be Hit By Spying Scandal

April 2008 | Company Finance Alert

Klaus Gehrig, the CEO of Schwarz Group which owns the Lidl discount chain, has revealed that the firm's net sales reached nearly EUR50bn (US$68.4bn) in the 12 months to February 2008. This represents an increase of nearly 14% on the previous year and continues the rapid rate of growth that the retailer has become accustomed to in the last five years (see graph). However, Gehrig also revealed that the business had taken a hit in 2008 following revelations that it had spied on its employees. With the firm's employee practises now being investigated by German authorities, the negative publicity surrounding

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