Booths falls to a loss as supermarket chain battles ‘challenging’ economic conditions

Supermarket chain Booths fell to a pre-tax loss during its latest financial year.

The Lancashire-headquartered company, which can trace its roots back to 1847, has posted a loss of £4m in the 12 months to April 1, 2023, having reported a profit of £3m in the prior year. The last time Booths made a loss was in the year to March 2020 when it lost £4.1m.

The company, which is still run by the Booth family, serves Cumbria, Lancashire, Yorkshire, Greater Manchester and Cheshire. According to newly-filed accounts, the firm’s turnover also dipped from £296.7m to £287.3m.

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During the year the company’s headcount rose from 3,088 to 3,222 having dropped from 3,208 in the prior 12 months.

Chairman of Booths supermarket, Edwin Booth

Executive chairman Edwin Booth said: “The financial year 2022/23 has delivered the results which we expect although on an ever challenging economic platform plagued with non-controllable events. The background to trading over the year under review is well documented and although the inflation in food appears to be easing there is now the prospect of core inflation driven by higher costs of borrowing.

“It is too early to say with any certainty what effect this will have on our customers’ spending power, but it is still possible that the UK could lurch into recession over the next six months.

“Whatever happens, we will keep an ear close to the ground and act swiftly to address the circumstances in ensuring that our customers receive the best possible service. The financial performance year to date has been steady with strong sales and for the remainder of the year we will deliver the best possible service to deliver a satisfactory result while maintaining investments that position the business well for the future.”

Original artice – https://business-live.co.uk/all-about/yorkshire-humber

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