Lidl has posted a loss before tax of £75.9m in the year to February 2023, with the discount supermarket chain citing a growing estate and a commitment to lower prices.
The retailer said the results reflect “significant investment in prices, colleagues, suppliers, and future growth”.
Lidl’s revenue increased by 18.8% against the previous year to £9.3bn, whilst its earnings before interest and tax declined from £79m to £28.5m.
The retailer said it had opened 50 new stores during the period, more than any of its rivals. Lidl said it had seen its market share increase by 6.1% to 7.1%, the fastest growth it had seen over the last five years.
As customers continued to struggle with the cost of living, Lidl said it had invested over £100m in keeping prices low in a “challenging year”.
Ryan McDonnell, chief executive of Lidl UK, said: “The entire retail market has seen inflation, and we are no exception. However, for us, what is important is that our price gap to the traditional supermarkets is as strong as it has ever been. We’ve invested in keeping our prices low for customers in what has been a very challenging year for most and, with many more customers flooding through our doors each day, our ambition is to ensure that every single household has access to high quality, affordable food at their local Lidl store.”
During the current financial year, Lidl said it had continued to grow its market share, which is now approaching 8%, and has announced an “accelerated investment” of over £4bn into its British food businesses.