Booths, often referred to as the ‘Waitrose of the North,’ has made significant strides in financial performance, reporting a turnover exceeding £300 million for the first time.
- The Lancashire-based supermarket chain, rooted in history since 1847, achieved a revenue of £318.6 million for the year ending March 30, 2024.
- Pre-tax losses were notably reduced from £4 million to £1.5 million, showcasing improved financial health.
- Despite persistent economic challenges, Booths managed to exceed their financial year projections, affirming their strategic resilience.
- A strategic divestment of the underperforming Hale Barns outlet further bolstered their fiscal results.
Prestigious northern supermarket chain Booths celebrated a significant reduction in losses as its turnover surpassed £300 million for the first time ever. This milestone is a testament to the company’s robust business strategy and historical resilience, with its roots deeply embedded in Lancashire since 1847. For the year ending March 30, 2024, Booths reported a turnover of £318.6 million, a rise from the previous year’s £298.7 million. This financial achievement underscores the brand’s ongoing commitment to progress despite challenges.
The reduction in pre-tax losses from £4 million to £1.5 million over the same period highlights Booths’ effective financial management. The last instance of a pre-tax profit was £3 million for the fiscal year concluding on April 2, 2022. This positive trajectory points to a strategic turnaround placed under the stewardship of the founding family, with Booths’ operations spanning Cumbria, Lancashire, Yorkshire, Greater Manchester, and Cheshire.
In a statement from the board, Booths recognized the adverse but declining impact of inflationary pressures, high-interest rates, and cost-of-living challenges. However, they expressed satisfaction in surpassing projected results, providing a sustainable platform for continued growth. Their purpose remains focused on inspiring and nourishing customers’ appetites for quality food and drink, a commitment that has been central to their operations.
After closing the reported financial year, Booths strategically sold its loss-incurring Hale Barns outlet to Asda for £1.75 million. This divestment was part of Booths’ prudent approach to managing inflation and interest rate challenges. The supermarket’s leaders remain cautious about interest rates, signaling that they do not anticipate a significant decrease over the current financial year.
Booths’ commitment to sustainable growth in 2023/2024 involves vigilant monitoring of the trading backdrop while introducing innovative operational strategies. Acknowledging the efforts of their team, Booths likened their workforce to an orchestra, each member playing a crucial role in delivering a commendable performance. Such dedication is seen as key to maintaining momentum and sustaining the company’s distinguished position in the grocery retail sector.
Booths’ strategic efforts and resilience have yielded positive financial outcomes, paving the way for future growth.
