- Discounter publishes latest accounts for the 52 weeks ending 28th February 2023 which underline significant investment in prices, colleagues, suppliers and future growth:
- Revenue up +18.8% to £9.3bn (£7.8bn FY21/22)
- Loss before tax of -£75.9m (+£41.1m FY21/22)
- Earnings before interest and tax [EBIT] £28.5m (£79m FY21/22)
- During the period Lidl GB opened more new stores than any other supermarket as customer numbers and market share continued to surge
- Its market share increased from 6.1% to 7.1% - the most rapid growth experienced by the discounter over the past five years
- Invested over £100million in keeping prices low for customers in a challenging year for millions of households
- It also maintained its position as the UK’s highest-paying supermarket by investing almost £50m in increasing the minimum hourly rates for store colleagues
14th September 2023: Lidl GB has today released new figures that show the scale of investments made during its last financial year, as it held firm on its promise of providing its customers with the highest quality products at the lowest prices.
As more households sought to make savings during the period, the company attracted an additional 1.4 million shoppers and saw its market share increase from 6.1% to 7.1% - the most rapid growth experienced by the discounter in the past five years. In addition to a relentless focus on price, Lidl maintained its position as the UK’s highest-paying supermarket by investing £50m in increasing the minimum hourly rates for store colleagues twice during the period. Additionally, the discounter opened almost 50 new stores, whilst securing multiple new sites for future expansion as it continued to publish its site requirements.
The update comes as Lidl GB publishes its latest accounts for the year ending 28th February 2023.
Ryan McDonnell, Lidl GB CEO: “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. As a privately-owned business we have the ability to make decisions that we know will have immediate benefits for our people, customers and suppliers and long-term benefits for our business.”
Lidl, which sources its entire core range of fresh meat, eggs, milk, butter and cream from British suppliers, said it had spent over £4 billion with British companies last year, as it reaffirms its commitment to buy British wherever possible.
McDonnell continues: “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 new financial year, as it continues to invest in its future growth, Lidl GB has:
- Opened the largest Lidl warehouse globally, in Luton following an investment of £300m, leading to the creation of up to 1,500 jobs
- Completed work on an extension to its Belvedere warehouse, whilst continuing construction on the expansion of its Bridgend RDC alongside submitting plans for a warehouse in Leeds
- Further increased market share which is now approaching 8%
- Announced an accelerated investment of over £4bn in British food businesses for FY23
- Increased hourly pay rates for a third time in just 12 months, with store and warehouse colleagues earning a minimum of £11.40 outside London and £12.85 within the M25, bringing its combined investment over the year to £60 million
- Recruited over 6,000 new colleagues since the beginning of the year
- Been named as cheapest basket in the Super Grocer 33, four out of six times since its launch last year
Commenting on outlook, McDonnell concluded: “As a company, we’re entering an exciting new phase of growth where we are bolstering our infrastructure to sustain us for the long term and hiring thousands of new colleagues too. Next year will mark 30 years of Lidl in Great Britain, and there is no ceiling on our ambitions for the next 30 as we see the potential for hundreds of new stores across Great Britain. In many ways our brand has never been more relevant. We are, and will continue to be, a discount retailer maintaining a relentless focus on providing our customers with great quality at unbeatable prices.”
Notes to editor:
Full financial results available on request.
Key investment and developments in FY22:
- Saw market share increase by a record 1% during the period – the most rapid growth experienced by the discounter in the past five years
- Opened almost 50 new stores - more than any other supermarket in Great Britain
- Spent £4bn with British suppliers and further building out our local supply base
- Increased pay rates twice in eight months, equating to a combined investment of £50m
- Launched its Good to Give Trustmark – an industry-first initiative to diversify food donations
- Saw particularly strong category growth across its Bakery lines as shoppers sought out high-quality low-cost treats
- In a clear sign that customers were searching for best value, unit sales of its Simply range increased by 17%
About Lidl GB
Since establishing itself in Great Britain in 1994, Lidl GB has experienced continuous growth and today has over 31,000 employees, over 960 stores and 14 distribution centres in England, Scotland and Wales.
As part of the Schwarz retail group, Lidl is one of Europe’s leading organisations in the food retail industry. The supermarket, which has around 376,000 employees globally, currently operates approximately 12,200 stores and more than 220 logistics centres and warehouses in 31 countries.
The supermarket takes pride in providing its customers with the highest quality products at the lowest possible prices throughout Great Britain, from Kirkwall to the Isle of Wight. Social responsibility and sustainability are at the core of the company's daily operations, with the company placing a strong emphasis on its responsibility for people, society, and the environment. Lidl GB is passionate about working with British producers and sources two thirds of its products from British suppliers.
The Schwarz Group, which operates worldwide as a retail group, generated a turnover of €154.1 billion in the financial year 2022.
For more information about Lidl GB visit https://corporate.lidl.co.uk/
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