Upmarket grocery retailer Booths has posted a strong set of trading figures for the year to March 31, proving that small supermarkets with a compelling offer can prosper.
Operating profit at the Northwestern grocer increased by 3.9 per cent to£6.9 million, on sales up 7.2 per cent to£231 million.
In accounts filed at Companies House, Booths said: “Sales for the present financial year started strongly, but they have more recently been affected by appalling weather and the continued increase in interest rates.
“These, in turn, have sparked a price war among the national supermarkets.”
However, the 26-store business said that it had undertaken work to control costs. In September, it started redirecting chilled goods that were previously supplied by symbol group operator Nisa Today’s through its own central operations.
Planet Retail global research director Bryan Roberts said: “Booths is a very localised player. It is not as exposed as other players to the might of Tesco and Asda,” he said.
Booths declined to comment.