Supermarket chain narrows losses, sees sales rise, and invests in sustainability

  • Booths narrowed its pre-tax losses from £4m in 2023 to £1.6m
  • Sales increased by 6.7% to £318.7m for the year ending 30 March 2024
  • Underlying EBITDA rose by £0.9m to £8.6m
  • Business-to-business sales channels remained stable at £11.5m
  • Investments in sustainable performance continued with pandemic funds used for store improvements
  • Hale Barns store closed after being transferred to Asda for £1.75m
  • Booths reported trading ahead of expectations and like-for-like growth

Booths Supermarket has reported a significant improvement in its financial performance for the year ending 30 March 2024, with pre-tax losses narrowed from £4m to £1.6m and a 6.7% increase in sales to £318.7m. The company attributed this success to increased footfall and basket spend, partly due to inflation and an additional Easter period compared to the previous year. Booths also saw its underlying EBITDA rise by £0.9m to £8.6m. Business-to-business sales channels remained stable at £11.5m, similar to 2023 levels. Despite these positive results, the Hale Barns store was closed and transferred to Asda for £1.75m due to underperformance. The company continued to invest in sustainable future performance by utilizing pandemic-generated funds for core operating system improvements and major store refurbishments. Booths stated that overall trading was ahead of expectations and increased on a like-for-like basis, acknowledging the challenges of inflationary pressures, high interest rates, and cost of living issues faced by all consumers.

Factuality Level: 8
Factuality Justification: The article provides accurate and objective information about Booths’ financial performance, including losses, sales increase, EBITDA, investments in sustainability, and challenges faced by the company. It also mentions the closure of a specific store due to a lease transfer. The information is relevant and not sensationalized or misleading.
Noise Level: 4
Noise Justification: The article provides relevant information about Booths’ financial performance and highlights its efforts in sustainability and store refurbishments. However, it lacks in-depth analysis or exploration of the broader economic context and does not offer significant insights beyond the company’s own statements.
Financial Relevance: Yes
Financial Markets Impacted: Booths supermarket chain’s improved performance impacts its own financial stability and potentially affects related companies in the grocery industry.
Financial Rating Justification: The article discusses Booths’ financial performance, including reduced losses, increased sales, and store refurbishments, which are all relevant to the company’s financial situation. It also mentions challenges faced by the industry such as inflationary pressures and high interest rates.
Presence Of Extreme Event: No
Nature Of Extreme Event: Other
Impact Rating Of The Extreme Event: No
Extreme Rating Justification: No extreme event is mentioned in the text and it’s not related to any major crisis or disaster.

Reported publicly: www.retailsector.co.uk