Aldi UK hits record sales and says it will open 23 more stores before the end of the year

Aldi UK sales hit record levels after the supermarket revealed plans to invest £800m in more than 20 new stores by the end of the year.

The supermarket chain, which currently has more than 1,000 stores, revealed its sales grew 16 per cent to £17.9bn during the 12 months to December 2023.

The results mark the period of greatest sales growth in the group’s history.

Over the same period, pre-tax profit tripled to £536.7m from £152.6m.

Following the positive results, the low-cost retailer revealed that it plans to open 23 new stores before the end of the year.

Locations include Muswell Hill in London and Caterham in Surrey.

The investment will be delivered through a record £800m annual investment programme and a £1.4bn two-year plan.

It had previously revealed it plans to open 500 stores, bringing its total to 1,500 across the UK.

Aldi said its focus on cutting prices and opening stores would bring “affordable, high-quality food to millions more British families”.

Giles Hurley, chief executive of Aldi UK and Ireland, added: ‘For every £1 of profit we generated last year, we’re investing £2 this year – opening more stores and building the supply infrastructure to bring affordable, high-quality food to millions more families across Britain.

‘We are also investing at record levels to reduce prices, reward our incredible colleagues and support more causes in our local communities.

‘All this while creating thousands more jobs and even more opportunities for our growing base of British suppliers and farmers.’

Aldi’s success comes at a time when millions of cash-strapped shoppers have abandoned expensive brick-and-mortar stores during the cost-of-living crisis.

In June, Which? results found that the average bill for a 65-item haul at Aldi was £118.41, £32.60 less than the most expensive at Waitrose, which was £151.01.

The group had already broken its sales record, up 8 per cent in the four weeks to December 24, surpassing £1.5bn for the first time.