Lidl has quadrupled its profits after expanding and enticing more customers in the past year, the supermarket says.
Pre-tax profits reached £41.1 million in the year to February 28, up 319% from the £9.8m recorded over the same period a year earlier. Revenues rose by 1.5% totalling £7.8 billion in the latest financial year, up from £7.7 billion the previous year.
Lidl opened 53 new stores in the year to February, by which it had 918 across Britain. Lidl, which was named the UK’s cheapest supermarket this month by The Grocer, stressed that it would continue to meet its promise to customers of offering the lowest prices in the market.
