202223 sales up 19 but makes 76 mln pound loss
Has full support of parent to expand
Plans hundreds more stores
Says over 10 UK market share inevitable

LONDON, Sept 14 Reuters The British arm of German discount supermarket chain Lidl on Thursday brushed aside a 76 million pound 95 million annual loss, saying the business was squarely focused on the longterm opportunity.

Lidl GB, established in 1994, said it had the full support of its German parent the Schwarz Group to open hundreds more stores.

As a privatelyowned business we have the ability to be very agile and take those decisions which will have immediate benefits for customers, our colleagues and suppliers with the longterm benefits of the business in mind, CEO Ryan McDonnell told Reuters.

We39;re still very much in a phase as a brand in Britain of laying down the foundations to keep growing, he said in an interview, pointing to the opening of 50 new stores in its 202223 year, an investment of 100 million pounds to keep a lid on prices and 50 million pounds on increasing staff wages.

Lidl GB and rival discounter Aldi UK are Britain39;s fastest growing grocers, according to market researcher Kantar.

Their appeal has grown during the costofliving crisis as Britons have sought savings and, unlike their traditional rivals, they continue to open lots of new stores.

Currently trading from over 960 stores with a 7.6 share of the UK grocery market, McDonnell said there was no limit to Lidl GB39;s expansion….