Boots UK has reported a significant increase in sales for the year ending 31 August 2024, attributed largely to online and makeup sales.
- The company’s year-on-year turnover rose by 6.9%, showcasing notable growth in various segments.
- Digital sales experienced an impressive surge of 18.7%, reflecting a shift in consumer purchasing behaviour.
- Sales of makeup products increased by almost 15%, supporting the overall financial uplift reported by the company.
- Increased demand within the health and beauty sectors, alongside strategic preparations for Christmas, has fortified Boots’ market position.
Boots UK has achieved notable financial growth for the fiscal year ending on August 31, 2024, as evidenced by a 6.9% year-on-year increase in turnover. This increase has been significantly driven by the flourishing online market segment and the rising demand for makeup products. The company reported a robust final quarter, where retail sales escalated by 6.2% compared to the previous year, and digital sales soared by an exceptional 18.7%.
The beauty sector, specifically makeup, demonstrated a substantial upswing with close to a 15% growth. This reflects a broader trend in consumer behaviour towards online shopping options and an affinity for beauty products, a trend that Boots has successfully capitalised on. Additionally, strong performances from destination health and beauty stores, convenience stores, flagship locations, and airport outlets have contributed to this momentum.
A significant factor in Boots’ growth narrative is the increased demand for both National Health Service (NHS) and private healthcare services, leading to a 10% rise in the pharmacy sector. Consequently, this bolstered the overall annual sales growth by 4.9%. As the company heads into the Christmas season, these sectors are expected to propel further growth, with strategic initiatives already in place to maximise this period.
In his statement, Seb James, Managing Director of Boots UK and ROI, expressed his pleasure with the year’s results, citing the ’14th consecutive quarter of market share growth’. He highlighted the company’s preparedness for the crucial Christmas trading period, with new product offerings set to enhance sales. James conveyed confidence in the company’s trajectory as he prepares to transition leadership to Anthony, affirming the business’s robust position for continued success.
Boots UK has effectively leveraged the growth in digital and beauty markets, alongside healthcare services, to secure impressive financial performance and market stability.
