Lidl Wins £650m From Rivals as Sales Rise 10.8pc to £13bn

Yahoo Finance UK··GBDE·Read original
3▲0 ▼2Impact / 5
Summary · why it matters

Lidl has lured £650m of spending away from rival supermarkets, emerging as one of the biggest winners from Britain's cost of living crisis. The German discounter's sales grew by 10.8pc to £13bn in the year to February, more than twice as fast as Tesco and Sainsbury's, where sales rose 4.6pc and 4.3pc respectively, while Morrisons grew revenue by 3.2pc and Asda's sales fell by 3.3pc. Lidl said it attracted 43 million additional customer visits during the year, helping it sell 486 million more products, and it overtook Morrisons in May to become Britain's fifth-largest grocer with a market share of 8.7pc. Profit before tax rose 31.1pc to £205.5m, and the chain spent £315m on price cuts and promotions while increasing spending with British suppliers by £400m. Lidl plans to open more than 50 stores over the next 12 months as part of a £600m investment programme creating almost 2,000 jobs, after opening more than 40 stores in the past year to take its estate past 1,000 shops.

Impact on assets 2

Electrification & Mobility▼ · 1 stocks
J Sainsbury PLC
SBRY
▼ NegativeCompetitionrelevance

Lidl lured £650m of spending from rivals and grew 10.8pc vs Sainsbury's 4.3pc, indicating share loss to the discounter.

Artificial Intelligence▼ · 1 stocks
Tesco PLC
TSCO
▼ NegativeCompetitionrelevance

Lidl's £650m share gains came partly at Tesco's expense, with Tesco's 4.6pc growth far below Lidl's 10.8pc.

Off-coverage companies 2

Lidl SwedenPrivate▲ Positive
Demandrelevance

Lidl's parent reported 10.8pc sales growth to £13bn, 43m extra customer visits and 486m more products sold.

Asda Group LimitedPrivate▼ Negative
Competitionrelevance

Asda's sales fell 3.3pc while Lidl overtook Morrisons and gained £650m from rivals including Asda.

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