Lidl has swung back to profit in its last financial year as a swathe of new shoppers visited the discounter.

In the financial year ending 28 February 2024, pre-tax profits soared to £43.6m, compared with a loss of £76m in the prior year, while sales hit a record high, rising by 16.9% to almost £11bn.

The supermarket’s earnings before interest and tax (EBIT) also skyrocketed seven-fold, from £28.5m the prior year to £220.8m.

The discounter said 326,000 new shoppers – more than any other supermarket – had visited its stores, as it saw over 35 million more shopping trips made over the year.

Subscribe to Grocery Gazette for free

Sign up here to get the latest grocery and food news each morning

Lidl CEO Ryan McDonnell said: “We’ve come a long way since we opened our first stores here 30 years ago, from stocking jars of frankfurters to now having over two thirds of our products sourced from British suppliers.

“While our product range has continued to evolve, we’ve stayed true to our customer promise of offering the best value on the market. In doing so, we have become trusted by households across the country to be their one-stop shop, while always supporting British food production.

“Now, 60% of households are choosing to shop at Lidl, and they’re coming back more frequently, which is a fantastic sign of increasing loyalty. We have great momentum and, although our ambitions have no ceiling, we won’t rest on our laurels. We’ve been laying the foundations for further growth whilst creating an even better store experience for shoppers.”

Last month, Lidl was once again named the fastest-growing retailer with a bricks-and-mortar presence, holding the title for the 15th period in a row, according to Kantar data.