Savers has posted a jump in sales and profits as it plans to open more stores, taking advantage of consumer appetite for discount retailers.
Superdrug’s sister value health and beauty retailer, Savers, posted a pre-tax profit of £9m for the year to December 28 up from £7m last year, according to accounts filed at Companies House.
Sales jumped 15% to £247m, which the retailer said was driven by new customers and opening 10 new stores in the year, bringing its total estate to 253.
Savers plans to open more stores in secondary sites “specifically in locations where discount retailers are under-represented,” it said.
Peter Macnab managing director of A.S. Watson Health & Beauty UK, which owns Savers, added: “Shopper behaviour continues to evolve, customers are now actively searching out the best possible value and prices. Savers is ideally placed to provide this customer with competitively priced health, beauty and household products in a pleasant high street environment.”
Savers added that despite “aggressive” pricing strategies across the supermarkets, it had recorded a rise in gross margin to 28.8% from 28.5% in 2012.
Savers added that it will invest in training and adding to its team, while it plans to increase profitability by improving its product offer and range and improving the store environment.
It comes a year after Savers returned to the black for the first time since 2005, after it completed a five year turnaround plan.