Aldi has said it will spend £1.4 billion over the next two-years on an expansion across the UK after announcing record sales in its latest financial year.

In the 12 months to December 2022, the discount supermarket reported annual sales of around £15.5 billion, an increase of almost £2 billion on its previous financial year's results.

Aldi now has 1,000 UK stores and has committed to opening a further 500.

The retailer said that the latest funds will be spent on expanding Aldi’s distribution and store network as well as improving existing stores and technology infrastructure to support growth.

The continued expansion is anticipated to create around 6,000 new jobs in 2023.

Reflecting on the company’s results, Giles Hurley, chief executive for Aldi UK and Ireland, said the retailer was beginning to see a new generation of shoppers who had “turned their back on traditional, full-price supermarkets in favour of transparent, low prices.”

He continued: “There are still communities across the UK that don’t have easy access to quality, low price groceries and that’s something we want to address through our expansion, with plans to increase our investment even further over the next two years to £1.4 billion in new and improved stores and distribution centres, creating thousands of jobs for our colleagues and more opportunities for our 5,000 British suppliers.”

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