LIDL’S price war with its big supermarket rivals has seen it suffer heavy losses – but it’s preparing to spend even more to win over shoppers.
The discount supermarket has attracted 1.4million more customers over the past year, as the cost-of-living crisis has prompted families to save cash on their groceries.
The chain, which recently recruited Hollywood strongman Arnold Schwarzenegger to promote its range of cheap power tools, has 960 shops, 14 distribution centres and 31,000 employees in the UK.
Its sales jumped by 18.8 per cent to £9.3billion in the year to the end of February.
But the cost of spending £100million more on keeping food cheap as inflation soared dragged the retailer to a £75.9million loss, down from a £41.1million profit the previous year.