Aldi discounts Brexit impact, ramps up UK expansion

The British division of Aldi is ramping up plans for expansion, unaffected by the shock Brexit referendum, as the German discount retailer enjoys booming demand.

Aldi UK announced on Monday that it will invest £300 million ($389 million, 346 million euros) to revamp its stores over the next three years.

"Future capital expenditure plans are unaffected by the UK's decision to leave the EU," the company said in its a statement alongside its annual earnings.

"The group will continue to make substantial investments to enhance its operations across the UK."

Aldi UK will refurbish more than 100 stores in 2017 and will also open 70 new branches, under plans to increase the number of stores from 659 to 1,000 by 2022.

The company also revealed Monday that sales grew 12 percent to £7.7 billion in 2015, adding that turnover had doubled in just three years.

Operating profit however declined 1.8 percent to £255.6 million, but the company attributed this to investment in low prices.

In recent years, Aldi and its German rival Lidl have boomed in Britain, grabbing market share from traditional supermarkets Asda, Morrisons, Sainsbury's and Tesco, as customers tightened their belts to save cash.

Discount chains enjoyed soaring demand in Britain during the sharp economic downturn, and remain popular despite the economy's steady recovery.