Discounter reports highest increase in shopper visits across the sector and strong growth in fresh produce
Lidl GB has reported positive revenue and profit growth in its latest financial accounts published today (20 November).
Earnings before interest and tax [EBIT] increased to £220.8m (FY23: £28.5m) and revenue increased by 16.9 per cent from £9.3bn to almost £11bn in the financial year ending 28 February 2024, the discounter revealed.
In a statement announcing its results, Lidl said it experienced the highest growth in customer visits of any supermarket last year, securing 326,000 additional shoppers.
It added that it saw particularly strong category growth across its fresh produce (+22 per cent), becoming the fastest growing grocery retailer across the fresh fruit, veg and salad market.
Lidl attributed its growing popularity with UK consumers to its significant investments in upgrading stores and improving product freshness and store experience.
These developments, along with expanded ranges, continued commitment to competitive prices and its loyalty scheme, have led to the rise in customer trips, it said.
Lidl added that 60 per cent of UK households now regularly shop at Lidl.
The retailer said it is now accelerating its expansion plans, with 18 new stores set to open within the next few months – including nine in the next four weeks alone – followed by around 40 more over the next financial year, and hundreds more after that.
Its newest store opened last week in Bristol, nearly 30 years to the day that Lidl opened its first 10 stores in GB.
Commenting today on these latest results, Ryan McDonnell, Lidl GB CEO, 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.”
He added: “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. As we look to the future, our customers, colleagues, and suppliers can count on us to always offer the best value, the best pay and long-term commitments so that we can continue to grow together.”
