Aldi is set to step up its expansion in Britain after the German discounter’s profits more than trebled in the last financial year.
Its British business reported a 250 per cent increase in pre-tax profit, reaching £536.7 million for the 12 months to the end of December 2023, from £152.6 million in 2022. Sales at Aldi UK increased by £2.4 billion to £17.9 billion, with margins widening from 1.2 per cent in 2022 to 3.1 per cent.
Sales of premium own-label products rose by nearly 16 per cent year-on-year, according to the latest monthly data from Kantar, the retail researcher. That compares with a drop of 10 per cent for “value” own-label items, suggesting that cost of living pressures are easing.