Lidl profits quadruple
By Sarah Wood | 17th November 2022
Discount supermarket, Lidl, has seen its full-year profits more than quadruple.
Pre-tax profits for its British business rose to £41.1 million from £9.8 million last year, as reported by Retail Gazette.
Sales rose by 1.5 per cent to £7.8 billion, an increase of 13 per cent on two years previously.
Lidl has continued to take custom away from the traditional supermarkets. It said 60 per cent of British households now shop at its stores and it is serving 770,000 more customers a week compared to last year.
The retailer continues to invest in stores and distribution centres and its British supplier base, as well as hiring more staff and increasing pay.
Lidl has invested £50m in raising hourly pay rates, making it the highest paying retailer.
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