German retail giant Schwarz Group, owner of discount chain Lidl, has posted a 6 per cent increase in sales to €63.4bn for the 2011/12 financial year and forecast turnover growth of 4 per cent to €66bn for the coming 12-month period.

The Heilbronner Stimme newspaper quoted the group describing its profit levels as "good" for the financial year just ended.

Lidl itself contributed well to the increase in profitability, registering sales of €45.4bn, up more than 8 per cent on the €42bn it generated the year before.

Meanwhile, the group's Kaufland banner sales remained more or less stable at €18bn.