Lidl, the German-owned discount retailer, has seen profits in the UK soar by four-fold as cash strapped shoppers flock to its outlets.
Profits rose 319% to £41.1mln in the year to end February, with sales growing by 1.5% to reach £7.8bln.
Lidl, owned by the Schwarz Group, said it took £58mln from traditional supermarkets claimed it saw 770,000 more customers a week than 2021.
The grocer added that its profits were after £50mln spent on wage rises and costs of 50 new stores and distribution centres across Britain.
Ryan McDonnell, Lidl GB’s chief executive, said it was “not immune” to the impact of the income squeeze but added “This is our time…we are a brand with our tails up and heading into Christmas on the march”.
Lidl, which has a UK workforce of 28,000 with 935 stores, said it intends to open 15 more by Christmas.
Going into this festive season, McDonnell said party food sales were up 21% suggesting customers plans to purchase Christmas goods early and at a discount, he added.