Aldi has announced its largest ever package of annual investment to accelerate the supermarket’s expansion across the UK.

The supermarket said it planned to open 23 new locations before the end of the year, marking a record £800m annual investment programme and a £1.4bn two-year plan.

It is also refurbishing 100 existing stores this year as well as expanding its network of distribution centres and updating technology infrastructure to support its growth.

The retailer, which currently has over 1,000 stores, has previously announced plans to scale to 1,500 stores across the UK.

CEO for Aldi UK and Ireland, Giles Hurley, said: “For every £1 of profit generated last year, we’re investing £2 this year – opening more stores and building the supply infrastructure to bring high-quality, affordable groceries to millions more families the length and breadth of Britain.”

Aldi announced record investment alongside its latest annual results for the 12 months to December 2023, which showed sales increased by £2.4bn to £17.9bn, an increase of 16% and its highest ever period of sales growth.

The supermarket also reported that its pre-tax profit had increased to £536.7m, up from £152.6m a year earlier, driven by record sales.

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