Lidl GB has bounced back to profit as it recorded the highest annual rise in shopper visits across the grocery sector, 30 years since the launch of its first stores in the nation.
In the financial year ending 28 February, pre-tax profits soared to £43.6m, compared to a loss of £76m in the prior year, while sales reached a record high, rising 16.9% to almost £11bn.
The supermarket’s earnings before interest and tax (EBIT) also jumped seven-fold, from £28.5m the prior year to £220.8m.
Shoppers took an additional 35 million trips to the German discounter, more than any other supermarket, and switched half a billion spend to the retailer.
The grocery giant, which recently boosted its British food investment by 40%, said its investments into infrastructure, upgrading stores, as well as expanded ranges, continued commitment to competitive prices, and its rewards app Lidl Plus had led to the rise in customer trips.
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The retailer is set to open 18 new stores over the next few months, followed by around 40 more over its next financial year.
Lidl GB CEO Ryan McDonnell said: “We’ve come a long way since we opened our first stores here 30 years ago, from stocking jars of frankfurters to now having over two thirds of our products sourced from British suppliers.
“While our product range has continued to evolve, we’ve stayed true to our customer promise of offering the best value on the market.
“In doing so, we have become trusted by households across the country to be their one-stop shop, while always supporting British food production.”
“We have great momentum and, although our ambitions have no ceiling, we won’t rest on our laurels. We’ve been laying the foundations for further growth whilst creating an even better store experience for shoppers.”
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