However, Lidl's revenue growth outpaced that of most of its competitors.

According to its recently published annual report for the financial year March 1 2023 to February 29 this year, Lidl's losses amounted to €21.91 million.

The company attributes this to ongoing investments and related processes. Lidl said it plans to offset these losses with profits from the coming year.

The previous fiscal year had also ended in a losses of €28.4 million for the company, which first opened its stores in Estonia in early 2022 after starting operations in the country in 2016.

The last fiscal year, Lidl reported revenues of €156.68 million, a 12.8 percent growth on year.

Lidl opened two new stores in Estonia in the past fiscal year, bringing its total to 13.

Since 2016, Lidl has invested €131.74 million in long-term assets.

Last fiscal year, the supermarket's investments totaled €20.68 million. In order to finance these investments, Lidl took out loans amounting to €41.4 million from related parties.

The average number of full-time employees at Lidl was 548 through the last fiscal year, a significant fall from the 740 employees in the previous year, which the company puts down to standardizing processes and improving efficiency.

Lidl Estonia's net assets are now less than half of its equity, which is not in compliance with the commercial code. Lidl's parent company has pledged to increase equity via shareholder contributions.

Highlights of other supermarkets' fiscal years are:

• Coop Eesti operated 319 outlets across Estonia as of the end of its last fiscal year, and reported a consolidated revenue growth of nearly 7 percent, to €863 million. Coop's profits nearly doubled over the year, to €11.93 million.
• Selver (71 Selver stores, two Delice outlets, the Kadaka café, Hiiumaa mobile store, and e-Selver) reported the smallest revenue growth, at 4 percent on year, to €628 million, which it puts down to to the closure of two stores, the temporary closure of three more stores for renovation, and the opening of one new store. Selver reported profits of €17.43 million last year.
• Maxima, with 83 stores, reported revenues of €593 million (up 9 percent) and profits of €11.71 million.
• Rimi Eesti Food, which operates 82 stores and an online store, reported revenues of €471 million last year, a growth of nearly 7 percent on year. The chain reported profits of nearly €10 million.
• Prisma Peremarket also reported losses, of €6.98 million off €220 million revenue (up 8 percent on year) for the last fiscal year. Prisma operates 14 stores and an online store.
• The Meie chain (owner AS RR Lektus) reported a revenue rise of nearly 10 percent and operated 64 stores as of year end, and revenues of nearly €74 million (up 10 percent on year). Meie reported profits of €4.24 million over that time period.
• Conversely OG Elektra, which operates the Grossi stores, reported 10 percent revenue growth to €229 million, and profits of €17.76 million – 40 percent up on year – across 79 grocery stores and two industrial goods stores.

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