Booths has significantly reduced its losses while achieving record-high sales.
- Booths’ sales increased by 6.7%, reaching £318.6m in the fiscal year ending March 2024.
- The company’s pre-tax losses decreased from £4m to £1.5m during the same period.
- Despite economic challenges, Booths remains committed to sustainable growth.
- The company plans to implement new operational strategies amidst ongoing market uncertainties.
Booths has demonstrated remarkable financial resilience by slashing its losses and achieving record sales figures. The upmarket grocer reported a 6.7% increase in sales, totalling £318.6 million in the financial year ending March 30, 2024. This growth marks a significant achievement for the company as it reduced its pre-tax losses from £4 million to £1.5 million.
The improvement in financial performance is notable as Booths had not made a pre-tax profit since the year ending April 2, 2022, when it recorded a £3 million profit. This year’s results have been well-received by the company, which expressed satisfaction with its achievements under challenging economic conditions.
Booths has worked diligently to maintain a strong platform for future growth. The company acknowledged the ongoing challenges posed by inflation, which, although decreasing, remains above average due to climatic impacts on the food supply chain.
Interest rates have also impacted financing costs, and Booths anticipates that these rates will not decline significantly in the near term. Despite these hurdles, the company has taken a prudent approach to ensure sustainable growth for the fiscal year 2023/2024.
The board of Booths has committed to closely monitoring the trading environment while exploring better ways of operating. This strategic focus is intended to position them favourably amid market uncertainties and continue delivering value to stakeholders.
Booths’ financial strategy and resilience have resulted in decreased losses and record sales, ensuring a stable foundation for future growth.
