Lidl GB has attracted more than 770,000 new customers over the past year, and claims shoppers have moved £58m away from the traditional supermarkets to its stores in the last month alone as the cost of living crisis bites.
In its latest filings to Companies House, the discounter said pre-tax profit for the 12 months to 28 February 2022 increased by more than 300% from £9.8m to £41.1m.
Earnings before interest and tax jumped 80% to £79m over the period on revenues that were up 1.5% to £7.8bn.
In the same time, Lidl has continued to expand its UK store estate, adding an additional 53 shops to take its total up to 918.
“Our business model is built for the long term and I’m incredibly proud of our continued growth in recent months, which builds on our strong performance across 2021,” says Lidl GB CEO Ryan McDonnell.
“During this time, we’ve made further investments across all areas of our business, building even more stores and distribution centres, hiring more colleagues, increasing pay rates, investing in our British supplier base and contributing to the communities we operate in.”
