Booths achieves over £300 million in annual sales for the first time, recording a significant reduction in losses.
- The Lancashire-based retailer reported a turnover of £318.6 million for the year ending March 30, 2024.
- Pre-tax losses were cut from £4 million to £1.5 million, marking a notable improvement in financial performance.
- The company divested a loss-making outlet to Asda post-year-end for £1.75 million.
- Booths remains challenged by inflation and high interest rates but continues to focus on growth.
For the first time, Booths, a prestigious supermarket chain headquartered in Lancashire, achieved an annual turnover exceeding £300 million. The company’s revenue reached £318.6 million for the year ending March 30, 2024, increasing from the £298.7 million recorded the previous year. This substantial financial milestone was reported by City AM, highlighting Booths’ progress in the competitive retail sector.
Recent documents filed with Companies House reveal that Booths managed to significantly reduce its pre-tax losses during this period. The losses were downsized from £4 million to £1.5 million, illustrating a much-improved financial standing. Notably, the last recorded pre-tax profit for Booths was £3 million in the fiscal year ending April 2, 2022, indicating a recovering trend over recent years.
Under the ownership and management of the founding family, Booths continues to operate across multiple regions, including Cumbria, Lancashire, Yorkshire, Greater Manchester, and Cheshire. In an official statement, the board expressed satisfaction with the financial results, which surpassed initial projections despite prevailing economic challenges such as high inflation and interest rates. The statement underscored the company’s commitment to sustainable growth by remaining true to its core mission of providing high-quality food and drink.
Following the conclusion of the reported financial year, Booths opted to sell its underperforming Hale Barns outlet to Asda in a transaction valued at £1.75 million. This strategic divestment was part of Booths’ broader efforts to streamline operations and focus on profitable ventures.
Despite the hurdles posed by ongoing inflation and interest rate challenges, Booths has adopted a prudent approach to fostering growth. The company remains vigilant in monitoring economic conditions while innovating in its operating practices. Booths leadership acknowledged the collective effort of its workforce, metaphorically referring to them as an ‘orchestra’ contributing to the company’s continued success.
Booths’ financial achievements highlight its resilience and strategic focus amidst challenging economic conditions.
