Boots enjoys record sales as IPO rumours swirl
Cosmetics giant Boots has recorded record sales over the last 12 months, as Black Friday helped boost the firm before a possible IPO.
In its annual results released this morning, the company said its sales were up 9.8 per cent year-on-year, in addition to 8.7 per cent growth from the previous year.
Sales, it said, were driven by record-breaking online and app sales especially on Black Friday, as savvy Brits looked for deals in the run up to Christmas.
The historic firm’s website Boots.com reported sales up 17.5 per cent, with November its biggest ever month, while overall it had an 11th straight quarter of market growth.
It also reported a seven per cent rise in footfall at stores around the UK.
Boots said its Christmas sales performance will be shared as part of its half-year earnings later in the year, but “early indications suggest a strong” period.
Seb James, Managing Director of Boots UK and ROI, said: “It is really good to see that market share has grown for the eleventh quarter in a row showing that more customers are choosing Boots.”
“This strong start to the year, together with a good Christmas, sets us up well for another good year and I would like to thank most sincerely all of my colleagues for their hard work and resilience over this vital trading period.”
Boots’ parent firm Walgreens Boots Alliance, which is listed in the US, topped expectations and its shares rose in New York.
This comes after a report last year suggested Walgreens Boots Alliance is considering exiting the UK business. Among options discussed was a possible IPO, which would boost London’s ailing market, according to Bloomberg.
In November, Walgreens was reportedly set to pay £1bn to hand over responsibility for Boots’ pension scheme.
A potential IPO is said to be worth around £7bn and would be its first return to the market after a 16-year hiatus.