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The Street
The Street
Colette Bennett

Aldi made so much money last year its slashing prices further

When people look back on 2023, many will do so with a scowl as they remember one of its lows: skyrocketing grocery costs.

To cope, many shoppers turned away from their usual stores to try a few known for their notably lower prices. And now one of those stores is reporting that it's experienced so much success that it plans to drop prices even more in the new year.

Related: Why the internet is losing it over a photo of an ultracheap grocery haul

That store is German chain Aldi, with 2.5 million customers showing up to shop in its UK locations on Dec. 22 alone, per Talking Retail. In the lead up to Christmas, Aldi reported sales of more than £1.5bn (roughly $1.8 billion U.S.), its best year ever.

Giles Hurley, CEO of Aldi UK and Ireland, said that the retailer will continue to lower prices in 2024.

“As we look ahead to 2024, our promise to customers is that they will always make significant savings on every shop with Aldi because we have the lowest grocery prices in Britain," he said.

TheStreet has reached out to Aldi for comment on its plans for its U.S. stores in the new year.

Related: Aldi, Kroger Race Walmart and Target On Delivery Speed

A second German-owned discount chain, Lidl, also reported record sales this holiday season, with a 12% jump in revenue in the weeks leading up to Christmas. 11% of that was attributed to the chain's Deluxe foods which it produces itself, and sales of its Montaudon brut champagne also doubled, per The Guardian.

Lidl also reported 4.5 million shoppers visiting its stores in the lead up to Christmas, leading Lidl's Great Britain chief executive to glow like a proud papa in his comments about the chain's performance.

“I’m incredibly proud of our performance this Christmas in what was the busiest trading period in our history. As the fastest-growing supermarket in the country, we welcomed more customers through our doors than ever before," he said.

“Deluxe proved to be a standout winner this Christmas, with record-breaking sales, as we saw customers not only start their festive celebrations early but trade up to premium lines across all categories.”

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