LONDON, Sept 25 Reuters The UK arm of German discount supermarket Aldi said on Monday it would increase its investment in the period to end2024 to 1.4 billion pounds 1.7 billion as it reported a rise in profit in 2022.

Aldi UK, Britain39;s fourth largest supermarket with a 10.1 market share and along with rival Lidl GB its fastest growing, said it would continue to expand its store and distribution networks, revamp existing stores and invest in technology.

Earlier, this month Aldi UK opened its 1,000th store and raised its target to 1,500.

Aldi UK said 2022 sales rose almost 2 billion pounds 2.5 billion to 15.5 billion pounds as its appeal grew during a cost of living crisis.

Operating profit increased to 178.7 million pounds, versus 60.2 million pounds in 2021, representing a margin of 1.2.

The 2021 outcome was dented by major investment in COVIDrelated measures.

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Reporting by James Davey, Editing by Paul Sandle

Source Reuters