Booths narrows pre-tax losses to £1.6m
Booths stated that overall trading was ahead of expectations and continues to increase on a like for like basis
Supermarket chain Booths has narrowed its losses from £4.0m in 2023 to £1.6m and has reported a 6.7% rise in sales to £318.7m for the year ending 30 March 2024.
The group attributed the performance to increased footfall and basket spend, partly due to inflation and the benefit of an additional Easter period when compared with 2023.
The Lancashire-headquartered company also saw its underlying EBITDA increase by £0.9m to £8.6m.
Additionally, business to business sales channels stabilised at £11.5m in line with 2023.
The company continued to invest in sustainable future performance by continuing to utilise funds generated in the pandemic years to support core operating systems improvements and major store refurbishments.
However, despite improvements in results, the Hale Barns store traded at a loss, and therefore the group agreed to transfer the lease to Asda for £1.75m, with the store closing on 7 April 2024.
Booths stated that overall trading was ahead of expectations and continues to increase on a like for like basis.
It added: “The financial year 2023/24 continued to see the challenges of 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 backdrop 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.”
