Lidl welcomes 77,000 more shoppers a week as budgets squeezed
Supermarket retailer Lidl has today announced that it is seeing 77,000 more shoppers each week, as customers struggle with the cost-of-living crisis.
In the retailer’s four-week results, it was revealed that consumers have switched £58m in spending from the four big traditional supermarkets to Lidl as they seek bigger savings in the approach to Christmas.
Lidl has promised shoppers the lowest prices this festive period.
Sales on party food were up 21% from this time last year, while the supermarket is overtrading in British meat, poultry and eggs. Lidl now holds the largest market share in pork sales.
This comes as the discounter published its accounts for the fiscal year ending February 2022, reporting that the supermarket became the sixth largest in the UK. During this period, Lidl invested £653m in fixed assets, including two distribution centres and 50 new stores.
The discounter has seen a 1.5% year-on-year revenue increase to £7.8bn. Profits before tax were up to £41.1m, compared to £9.8m in FY20/21. Earnings before tax were up 80% to £79m.
Ryan McDonnell, Lidl GB CEO, said: “Our business model is built for the long term and I’m incredibly proud of our continued growth in recent months, which builds on our strong performances across 2021. During this time, we’ve made further advances across all areas of our business, building even more stores and distribution centres, hiring more colleagues, increasing pay rates, investing in our British supplier base and contributing to the communities we operate in.”