Booths, known as the ‘Waitrose of the North’, has achieved a notable financial milestone.
- The company’s turnover exceeded £300 million for the first time, hitting £318.6 million.
- Pre-tax losses were significantly reduced from £4 million to £1.5 million.
- Booths faced inflationary and cost-of-living challenges but exceeded financial expectations.
- A strategic sale of its Hale Barns outlet to Asda was finalised.
Booths, a prestigious supermarket chain with roots extending back to 1847, has reported a historic financial achievement. For the year ending 30 March 2024, the Lancashire-based retailer saw its turnover rise to £318.6 million, surpassing the £300 million mark for the first time. Compared to the previous year’s turnover of £298.7 million, this represents a significant increase, highlighting the company’s robust performance amidst challenging economic conditions.
Notably, Booths managed to slash its pre-tax losses from £4 million to £1.5 million within the same reporting period. The retailer has not seen such a reduction since it last declared a pre-tax profit of £3 million at the close of the fiscal year ending 2 April, 2022. This improvement is a testament to the company’s strategic management during a time marked by inflationary pressures and a rising cost of living.
The company, still under the guidance of its founding family, provides services across various regions including Cumbria, Lancashire, Yorkshire, Greater Manchester, and Cheshire. Booths’ board of directors acknowledged the myriad challenges faced throughout the year due to high inflation and interest rates but expressed satisfaction with the results achieved, which have outperformed initial financial plans. This performance provides a sustainable foundation for future growth, powered by a commitment to fulfilling customer appetites for high-quality food and beverages.
A notable operational move was the divestment of the loss-making Hale Barns store to Asda, a deal valued at £1.75 million. The strategic sale is a part of Booths’ broader initiative to stabilise and optimise their business operations in response to ongoing market fluctuations. Despite inflationary pressures remaining above average due to climatic impacts on food supply chains, Booths has adopted a cautious approach to ensure sustainable growth well into the 2023/24 fiscal year.
Emphasising the collective efforts of its workforce, Booths remarked on how each employee has contributed to the company’s success, likening the coordinated efforts to an orchestra. The company remains focused on maintaining its momentum and sustaining its reputation within the grocery retail sector. Booths also plans to continuously adapt and introduce innovations in its operations to remain competitive in the market.
Booths has demonstrated resilience by markedly reducing losses and achieving unprecedented sales figures despite challenging economic conditions.
