Consumer spending worse than the retailer predicted in January
Boots the Chemists has reset it expectations for full-year operating profits after trading at stores worsened. The retail arm of Boots Group said that operating profits would be between£465 million and£475 million, because of a slowdown in consumer spending.
The company said in January that operating profits at Boots the Chemists would be about£490 million to£500 million for the full year. Higher than expected operating costs were also a factor in the reduction. In a statement, the retailer said: 'In its Q3 trading statement, the company indicated that the Boots the Chemists' operating profits would be broadly in line with market expiations. Subdued consumer spending was expected, but, since then, trading has deteriorated further.'
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