Profits at the deep discount supermarket chain Lidl have quadrupled after an ambitious expansion across the UK.

The CEO of Lidl claims that his strategy is to increase long run profits in the UK retail grocery sector. Well, the latest profit data from the deep discounter makes for impressive reading.

Lidl’s pre-tax profits reached £41 million in the year to February 2022, surging 319% from the £9.8 million posted the same time last year.

More shoppers are switching to Lidl from traditional grocers during the deepening cost-of-living crunch as real disposable incomes fall at a rapid rate.

Millions of households are voting with their feet, as income elasticity of demand tells us to expect. The Lidl success story will continue for some time to come.