Lidl GB falls into the red

Despite plunging into loss, Lidl GB promises to maintain a focus on keeping prices low despite inflation costing the retailer’s efforts £100m. For the 52 weeks ending 28th February 2023, the German discounter’s sales jumped 18.8% to £9.3bn, yet it experienced larger pre-tax losses of £75.9m against profits of £41.1m in its previous year. What’s more, Lidl attracted an additional 1.4 million shoppers during the period and saw its market share increase from 6.1% to 7.1%, the fastest growth it has experienced in five years.

The discounter has also opened almost 50 new stores in the past year, whilst securing multiple new sites for future expansion as it continues to publish its site requirements. It has also maintained its position as the UK’s highest-paying supermarket by investing almost £50m in increasing the minimum hourly rates for store colleagues.

Lidl GB CEO, Ryan McDonnell said: “We’ve always had a clear commitment to offer the best value to our customers and that is a promise we will always keep, even in uncertain economic times. Alongside preserving this price promise, rewarding our people and maintaining long-term relationships with our suppliers will always be a priority.”