Booths sales and profits have dropped over the last year as wage and cost inflation have continued to increase.
According to accounts published on Companies House, the grocer, which is known as ‘the Waitrose of the north’, saw sales fall by 3.2% to £287.3m in the year to 1 April 2023.
Overall its gross margin slipped by more than 2% to 10.3% as it absorbed higher wages and inflation, which caused gross profits to fall 19.3% to £29.7m.
The family-owned grocer blamed rising costs, ongoing inflation and cost of living challenges. However, despite the slowdown the supermarket said that performance remained within expectations.
It currently has 28 stores across Cumbria, Cheshire, Yorkshire, Greater Manchester and Lancashire, and began a major overhaul of its stock system and infrastructure during the year, the first phase of which is set to be completed by March 2025.
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Booths executive chairman, Edwin Booth told The Grocer: “The continued focus of the team to adapt, improvise and overcome the uncertainties of a challenging market has delivered a solid and sustainable platform for growth.
“This was achieved by staying true to our purpose, inspiring and nourishing our customers desire for great food and drink. I would like to thank all our Booths colleagues who have remained focused on maintaining Booths as a unique and special retailer, worthy of the title ‘The Good Grocers’.”
Earlier this year, Booths was named as the supermarket who was reportedly selling meat sourced from South America and Europe labelled as ‘best British beef’.
2 Comments. Leave new
Only lazy (southern?) journalists refer to Booths as the ‘Waitrose of the north’ . I have never heard anyone else refer to it as such.
When we visited the one in Keswick our first impression was “This is like Waitrose”.