Profits at food discounter Lidl have quadrupled as customers switch from traditional supermarkets to cheaper options.

The company said profit before tax had risen to £41.1 million in the 52 weeks ending 28 February 2022. This compares with £9.8 million for the same period of the previous year.

Shoppers are increasingly turning to value-oriented supermarkets as food prices rise, with Lidl and Aldi the fastest growing grocers over the 12 week period to the end of October.

Earnings before interest and tax (EBIT) were up 80 per cent to £79 million over the same time period. This compares with £44 million in the previous year.

Revenue increased 1.5 per cent year on year to £7.8 billion. Over a two year period, revenue increased 13 per cent to £6.9 million.

Commenting on the news Ryan McDonnell, chief executive at Lidl GB, said: “Our business model is built for the long term and I’m incredibly proud of our continued growth in recent months, which builds on our strong performance across 2021.”

He added: “During this time, we’ve made further investments across all areas of our business, building even more stores and distribution centres, hiring more colleagues, increasing pay rates, investing in our British supplier base and contributing to the communities we operate in.”

Lidl recently announced plans to add 1,000 paid roles to its stores across the UK.

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