Aldi’s UK profits fall but chain says shoppers are switching to it ‘in droves’

Aldi says customers are increasingly looking for cheaper own-label versions of products rather than more expensive brands as living costs rise. Photograph: Peter Byrne/PA

Aldi has revealed a steep drop in UK profits but said that customers were switching to the discount supermarket chain “in their droves” from higher-cost rivals as the cost of living crisis bites and shoppers look for lower prices.

The German-owned retailer said that 1.5 million extra customers had visited its UK stores over the past 12 weeks, even as it revealed annual pre-tax profits for 2021 slumped to £36m, compared with £265m in 2020 – an 86% decline.