Booths hailed “solid” annual results, despite the challenges of high inflation, the cost of living crisis and a store closure.
Sales grew 6.7% to £318.7m in the year to 30 March 2024, as customers increased their average basket spend throughout the year. It was helped further by a “record” Christmas, Booths’ key trading period, with sales up 8.7% over the three-week period. Booths didn’t provide volume figures.
Despite still falling to a pretax loss of £1.6m (down from £4m), chairman Edwin Booth said the performance was “ahead of expectations” for the period.
Booths’ footprint fell by one store to 26, after the closure of its Hale Barns store. However, customer satisfaction levels grew during the period, which Booth credited to the retailer’s investment into its in-store experience and offer over the year.
It included the launch and rollout of a new café concept, as well as the high-profile stripping out of self-service checkouts at all but two of its busiest stores. Booths also invested in improving its tech and loyalty card offer, as well as other investments into store experience, such as an increase in product tastings. Overall, customer satisfaction levels were at 74%, up by 2%, according to its weekly Dear Booths net promotor score survey.
In April 2024, Booths closed its store in Hale Barns, Altrincham, after selling the lease to Asda. It netted £1.75m as a result.
Sales at its wholesale and catering arm “stabilised” at £11.5m, however the business had improved profitability, following investments into its Longridge Road and Chain Caul Way manufacturing facilities in Preston.
Booths remains on track to complete a major overhaul of its base sales and stocking systems by 2025. It’s also set to complete the renovation and reopening of its Scotforth store in Lancaster, in the autumn.
“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,” Booth said in the results.
“The Booths offer is based on three principles, exemplary service, quality food and drink served in attractive stores to make shopping for groceries a daily delight and pleasure. We’ve delivered a solid financial performance by staying true to our purpose of inspiring and nourishing our customers desire for great food and drink.
“My thanks as always go to our colleagues throughout the business who take pride in their work to make Booths the best it can be, worthy of the title, “The Good Grocers.”
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