Lidl has announced losses of almost £76 million in the 52 weeks ended 28 February.

The retailer said the results underline “significant investment in prices, colleagues, suppliers and future growth”.

Throughout the period, Lidl said it invested over £100 million in efforts prices low for customers in a “challenging year for millions of households” and that it maintained its position as the UK’S “highest-paying” supermarket with almost £50 million invested into increasing the minimum hourly wage of its in-store colleagues.

Lidl also shared that throughout the period it attracted an additional 1.4 million shoppers and saw its market share increase from 6.1 per cent to 7.1 per cent at what it said signified the the “most rapid growth” experienced by the retailer in the past five years.

“We've always had a clear commitment to offer the best value to our customers and that is a promise we will always keep, even in uncertain economic times,” said Lidl GB chief executive Ryan McDonnell. “Alongside preserving this price promise, rewarding our people and maintaining long-term relationships with our suppliers will always be a priority. As a privately-owned business we have the ability to make decisions that we know will have immediate benefits for our people, customers and suppliers and long-term benefits for our business.”

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