Booths defies ‘tight’ economy to lift profits
FAMILY-owned supermarket group EH Booth grew sales and profits last year, despite continued tough trading conditions.
The Preston-based company, which has 26 stores in the North West and Yorkshire, said it would soon launch a new own-label value food range to help its customers cope with harsh economic times.
In the year to April 4 Booths saw sales rise 5.8% to £269m as the group was lifted by new store openings in Garstang in Lancashire and Ripon, Yorkshire.. Like-for-like sales were 2.9% ahead. Profits rose by £100,000 to £2.9m.
Chairman Edwin Booth said the comapny has continued to trade well despite a ‘tight’ economic background: “All in all, this is a creditable performance and the business is in good shape to confront any future challenges that it may encounter as the recession continues.”
Mr Booth said the company had been able to make cost price savings as a result of its buying alliance with Waitrose – a business with similar values and quality standards.
With consumers ever-more price conscious Mr Booth said the company was launching this autumn a new ‘Booths Everyday’ label which he said would “spearhead” the retailer’s value offering.
During the year Booths hiked its capital investment by £2.9m to £17.7m as it opened the new stores, neared completion at Hesketh Bank (which opens next month) and bought land for a new outlet in Barrowford, Lancashire.
New stores are also planned in Penrith and Milnthorpe in south Cumbria.
Looking forward, after the Hesketh Bank opening, the company’s attention will shift to its first opening in Greater Manchester, where it is to open at a site on MediaCity on Salford Quays.
The landmark development, which will be the home to more than 2,000 BBC staff from the end of next year, represents an “excellent trading opportunity for the company”, Mr Booth added.
