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(Sharecast News) - Lidl's market share in the UK reached a record high in its most recent financial year, with the discount grocer reporting double-digit gains in sales and profits as price cuts and promotions brought more customers into its stores.
The retailer said it saw 43m more customer visits and a 486m increase in product volumes over the 12 months to 28 February, with growth across all key categories, alongside a 12% increase in sales of its Deluxe range.
Lidl cited Worldpanel by Numerator data showing that it benefited from over £650m in direct switching from competitors over the year.
That helped Lidl GB increase revenues by 11% to £13bn, while operating profit rose 10% to £345m.
"Our performance is a clear testament to the trust that millions of customers place in us every week as a direct result of the dedication of our colleagues right across the country," said Lidl GB chief executive Ryan McDonnell.
The retailer, which reached its 1,000th store milestone last year after opening over 40 new stores, said it plans to open a further 50 or more this year as part of a £600m investment.
Lidl is now the fifth largest supermarket across Great Britain with a market share of 8.7%, according to the latest industry data.
"As we grow, our focus doesn't shift - we're constantly investing in low prices, high quality, and maximum value for our customers," McDonnell said.
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