Lidl makes a lot! Store giant profits shoot up to £41million

LIDL’S annual pre-tax profits have rocketed 319 per cent to £41million thanks to the cost-of-living crisis driving more people to its growing number of stores.

- Geoff Ho

The German-owned discount supermarket chain said that its annual profits had leapt despite rising costs and investing in store openings.

In the 12 months to the end of February its revenues rose 1.5 per cent to £7.7billion as it served more customers after expanding its estate from 865 to 918 stores in the UK.

The chain is privately owned and has more freedom on the timing of its updates compared with FTSE-listed firms.

Lidl saw its market share increase from 5.7 per cent to 6.1 per cent last year, as increasingly cash-conscious shoppers flock to it and arch-rival Aldi.