Lidl GB, the UK arm of the German discounter, intends to open more than 50 new stores across the UK this financial year as part of a £600m ($793.4m) investment.

The retailer reported turnover of £13bn for the financial year ended 28th February 2026, compared with £11.7bn previously, an increase of 10.8%.

Operating profit rose from £314m to £345m.

Product volumes grew by 486m, with increases in categories including meat, poultry, fruit and vegetables, while sales of its Deluxe range rose 12%.

It said it gained more than £650m in direct switching from competitors after launching its “More to Value” brand platform.

The company put £315m into price cuts and promotions, including “Pick of the Week”.

The number of Lidl Plus users climbed 23% year-on-year.

After reaching its 1,000th store last year, Lidl GB opened more than 40 new sites and spent £43m upgrading more than 70 existing ones.

Work included remerchandising, expanded freezers, self-checkouts, and energy-efficient lighting and chillers.

The company invested an extra £59m in colleague pay and doubled paternity leave from two to four weeks' full pay.

Colleagues with five years' service will be entitled to eight weeks' full pay  paternity leave.

Spending with local suppliers increased by £400m year on year, with fresh meat and poultry suppliers seeing the largest rise, at 15%.

Around two-thirds of its products come from British suppliers, including all of its everyday own-label beef, pork, chicken, milk, butter, cream and eggs.

The company has also announced a £30bn sourcing commitment to the British food and farming industry over the next five years.

Lidl GB CEO Ryan McDonnell said: “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. 

“As we grow, our focus doesn't shift – we are constantly investing in low prices, high quality, and maximum value for our customers.”