// Booths pre-tax profits rose from £1.9m to £3m in the year to April 2
// Boss Edwin Booth warned that the cost-of-living crisis was hitting sales volumes currently
Annual profits at Booths, known as the Waitrose of the north, have jumped but it does not expect the “extraordinary profitability” to continue this year as the cost-of-living crisis bites.
In the year to April 2, pre-tax profits rose to £3 million from £1.9 million and underlying EBITDA jumped £1.4 million to £13.3 million.
Sales surged 4.4% to £296.7 million, however, stripping out the extra trading week falling in the year, reduced this to 2.6%.
Chief executive Edwin Booth warned that rising inflation in its current year had hit sales volumes and it was “keeping a very close eye on the differential between volume and retail sales values”.
He said Booths had been swift to identify ways to mitigate costs so it could protect the value of its offer.
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“Just as with the advent of the pandemic, we are being fleet of foot to recognise difficulties and address them swiftly as they arise,” he said.
“I am in no doubt that the financial performance of the business will not be as extraordinary as in the past two years, however, we will take every opportunity to present Booths’ customers with the best value possible and ensure that we look after palates and pockets.”
Mixed trading through 2021/22
The retailer said trading patterns were mixed in its last financial year, linked to lockdowns and Government’s Covid advice.
It’s in-store cafes were hit over the period, however, it saw a “resounding bounce back” in its stores in the Lake District as tourism returned.
Booths said it had benefited from increased football and higher basket spend, particularly over the Christmas period when sales increased 6.5% year on year over the three weeks to 1 January.
