Booths: ‘Waitrose of the North’ slashed loss thanks to record sales
High-end supermarket chain Booths slashed its loss as sales passed £300m for the first time in its history.
The Lancashire-headquartered company, which can trace its roots back to 1847, has reported a turnover of £318.6m for the year to 30 March, 2024, up from the £298.7m it achieved in the prior 12 months.
Newly-filed accounts with Companies House also show the firm’s pre-tax loss was cut from £4m to £1.5m over the same period.
Booths last made a pre-tax profit when it posted a total of £3m in the year to 2 April, 2022.
The company, which is still run by the Booth family, serves Cumbria, Lancashire, Yorkshire, Greater Manchester and Cheshire.
A statement signed off by the board said: “The financial year continued to see the challenges of high inflationary pressures, high interest rates and cost-of-living challenges experienced by all, albeit at reduced levels compared to financial year 2022/23.
“Against this background we are pleased to report results above those planned at the beginning of the financial year thus providing a continued sustainable platform for future growth.
“This was again achieved by staying true to our purpose through which we aim to inspire and nourish our customers’ desires for delicious food and drink.”
‘Everyone has played their part in the Booths orchestra’
Since the end of its financial year, Booths transferred its loss-making Hale Barns store to Asda for £1.75m.
Booths added: “We have achieved a solid result for the year despite the challenge of managing inflation which, although starting to fall, will remain above the average, not least due to the effect of climatic conditions on the food supply chain.
“Interest rates have contributed to financing costs and we do not expect them to fall significantly over the remainder of the current financial year.”
The supermarket also said: “We have taken a prudent approach to delivering sustainable growth in 2023/24 and will continue to keep a weather eye on the trading background while introducing new and better ways of operating.
“Everyone throughout the business has played their part in the Booths orchestra to deliver a fine performance and we will practice hard to maintain momentum over the remainder of the year and beyond to sustain our company’s position in the pantheon of grocery retailers.”