Aldi hails record sales as profit surges by almost £400m but loses market share
Aldi has lost market share despite achieving record sales during its latest financial year as its profit surged by almost £400m, new figures have revealed.
The Warwickshire-headquartered UK arm of the German supermarket giant lost 0.2 per cent to report a market share of 10 per cent in 2023.
That’s despite Aldi posting record sales of £17.9bn for the financial year, up from the £15.5bn it reported in the prior 12 months.
Aldi has also posted a pre-tax profit of £536.7m for 2023, up from £152.6m.
The budget supermarket giant said the increase had been driven by its record sales as well as “greater efficiencies across its stores and central functions”.
The new figures come as Aldi is planning to open 23 new stores before the end of 2024, including Muswell Hill, London and Caterham, Surrey.
The move forms part of its record £800m annual investment programme and a £1.4bn two-year plan.
It is also refurbishing 100 existing stores this year as well as expanding its network of distribution centres and updating technology infrastructure to support its growth.
Aldi, which currently has over 1,000 stores, previously announced plans to increase its portfolio to 1,500 locations across the UK.
Aldi investing at ‘record levels to cut prices’
Giles Hurley, chief executive for Aldi UK and Ireland, said: “British shoppers are voting with their feet and choosing Aldi as their first-choice supermarket. We’re responding with our biggest ever annual investment in Britain.
“For every £1 of profit generated last year, we’re investing £2 this year – opening more stores and building the supply infrastructure to bring high-quality, affordable groceries to millions more families the length and breadth of Britain.
“We’re also investing at record levels to cut prices, reward our amazing colleagues and support more causes in our local communities.
“All while creating thousands more jobs and even more opportunities for our growing base of British suppliers and farmers.”
He added: “As we head towards the Christmas trading period, we’re all set to launch our biggest and best-ever seasonal range, including hundreds of premium range products at unbeatable prices for our customers.”