Sales rise at Booths supermarkets
EH BOOTH’S supermarket at MediaCityUK helped drive sales growth last year.
The Preston company, founded in Blackpool in 1847, saw revenues grow by 2% to £278.9m in the year to March. In recently-filed accounts it said its Penrith store also contributed to the performance.
Pre-tax profits fell by 38%, or £1.6m, to £3.6m which reflected staff bonus payments which were not made in 2011-12.
In his report chairman Edward Booth said: “With sales having increased by 2% for the year under review, this is a satisfacotry outcome under-pinned by an operating performance that is not fully recognised in the profit and loss account.
“The trading department has been successful in building a structured approach to honing our negotiating capability, resulting in reduced base invoice costs, improved funding for promotions and increased investment in buying income.
“The subsequent improvement in gross margins has enabled the company to improve its competitiveness on key lines with the ‘price promise’ initiative.”
Net debt fell marginally from £55m to £51m during the year. The group, which is owned by the Booth family, has 2,974 employees and the highest paid director received £354,000, up from £302,000 last time.
