Booths has achieved a significant milestone in its financial performance, surpassing £300 million in turnover.
- The Lancashire-based retailer reported a revenue of £318.6 million for the year ending 30 March 2024.
- Pre-tax losses were notably reduced from £4 million to £1.5 million over the same period.
- Booths’ strategy focused on maintaining a sustainable growth platform, addressing inflation, and optimising operations.
- A key move was the divestiture of a loss-making outlet, which enhanced the firm’s financial health.
Booths, a prestigious supermarket chain with historical roots extending back to 1847, recently celebrated a landmark achievement in its financial performance. For the first time, the company’s turnover has exceeded £300 million, specifically reaching £318.6 million for the fiscal year ending 30 March 2024. This represents a significant increase from the previous year’s £298.7 million, as confirmed by City AM.
In a strategic move to bolster its financial standing, Booths has successfully decreased its pre-tax losses, reducing them from £4 million to £1.5 million. This improvement marks a pivotal financial recovery journey, noting that the company last recorded a pre-tax profit of £3 million in the fiscal year ending 2 April 2022.
Operating under the continued guidance of its founding family, Booths provides services across several regions, including Cumbria, Lancashire, Yorkshire, Greater Manchester, and Cheshire. The company maintained its focus on addressing high inflationary pressures, interest rates, and cost-of-living challenges that were prevalent throughout the year. Despite these economic hurdles, Booths achieved results that were above initial financial projections, thereby ensuring a sustainable growth trajectory.
A noteworthy strategic decision during this period was the sale of its unprofitable Hale Barns store to another retailer for £1.75 million. This divestiture not only reduced financial drains but also allowed Booths to channel resources into more productive avenues.
The company acknowledges that while inflation pressures are beginning to ease, they continue to exceed average levels due to climatic impacts on the food supply chain. Interest rates have posed additional financial burdens; however, Booths remains prudent in its approach to manage these challenges. Looking forward, the company intends to keep a close watch on the trading environment while implementing enhanced operational strategies.
In reflection of the company’s collective efforts, Booths lauded its team as each member has contributed to what they metaphorically describe as the ‘Booths orchestra’. Their concerted efforts have paved the way for maintaining momentum and securing Booths’ standing within the competitive grocery retail sector.
Booths has successfully navigated economic challenges to achieve significant financial progress, with strategic decisions supporting future growth.
