Aldi to invest £1.3bn in UK as profits soar

Discount supermarket chain Aldi said it would invest £1.3bn in the UK over the next two as British profits full-year profits soared by 49%.

Aldi on Monday said it would open around 100 new stores across the UK in 2020 and 2021 in line with its long-term target of 1,200 stores by 2025, adding that it planned to create 4,000 new jobs next year adding to the 3,000 roles already generated in 2020.

Pre-tax profit rose to £271.5m from £182.2m, despite the impact of the coronavirus pandemic.

Operating profit rose to £291.2m, up from £195.6m a year ago, on total sales up 8% to £12.3bn against 1% for the grocery market overall. It said margins improved, with efficiencies of scale offsetting continued price cuts.

The German-owned chain, the UK's fifth biggest by market share, added that it planned more than 100 store upgrades and would invest in distribution centres.