Booths has successfully reduced its losses in the face of economic challenges, achieving record revenue growth.
- During the fiscal year ending March, Booths saw its losses shrink from £4 million to £1.5 million.
- The supermarket’s revenues reached an all-time high of £318.7 million, exceeding £300 million for the first time.
- Booths attributed its success to increased customer traffic and spending, alongside a strong performance during the Christmas season.
- The removal of self-scanning checkouts has also been well-received by shoppers, aligning with the supermarket’s customer-focused approach.
Booths, a renowned upmarket supermarket, has managed to cut its losses significantly during its latest annual financial results. The grocer reduced its pre-tax losses from £4 million to £1.5 million by the end of March. Revenues soared to a record £318.7 million, marking the first time the retailer exceeded the £300 million milestone.
This impressive financial performance is attributed to a combination of increased footfall and basket spend among customers. Booths noted a particularly strong performance during the Christmas period, which contributed to the revenue surge.
The supermarket also highlighted the popularity of its decision to remove self-scanning checkouts, a move that resonated well with shoppers preferring traditional checkout methods.
Despite facing high inflationary pressures, high interest rates, and widespread cost-of-living challenges, Booths reported results that exceeded expectations set at the beginning of the financial year. This has provided a sustainable platform for future growth.
Booths emphasised its commitment to its core mission of inspiring and nourishing customers’ desires for quality food and drink, which has been key to maintaining customer trust and increasing sales.
Booths’ strategic decisions and customer-centric focus have driven its financial success, setting a strong foundation for future growth.
