Boots records impressive third quarter

Boots has recorded impressive results for its third quarter ending 31 May 2022.

The pharmaceutical retailer cited its ongoing transformation programme, a strong increase in retail sales, further market share growth led by Beauty and a strong digital performance.

Footfall was also up by 45% as the retailer increased the number of healthcare services offered both online and in store.

Total sales grew 13.5% despite macroeconomic trading headwinds and rising inflation.

Pharmacy services were up 22% despite lower Covid-19 testing and vaccinations reflecting stronger demand for new online healthcare services.

As the UK’s leading health and beauty retailer, Boots believes it is firmly positioned to continue seizing the opportunities presented by the growing healthcare and beauty markets.

“The execution of our transformation programme and a sharp focus on expanding our key categories of healthcare and beauty, has driven strong sales and market share growth and further strengthened our position as the UK’s leading health and beauty retailer,” Boots managing director Sebastian James said.

“Significant investment in both our digital platforms and in our stores is expected to drive continued market leading growth.”

“As store footfall returns to pre-pandemic levels and with cost of living pressures increasing, the launch of our Price Advantage scheme, the expansion of our own label product range and our commitment to freeze prices on 1,500 essential products have been particularly well received by customers.”

GlobalData retail analyst Juliet Cuell told Charged: “Despite rising inflation resulting in consumers cutting back spend in recent months, Boots has been somewhat protected due to the essential nature of its offer, including toiletries and healthcare.

“Now that Walgreens Boots Alliance is no longer selling Boots UK, it must ensure it capitalises on further opportunity for growth online – according to GlobalData, health & beauty online penetration is forecast to grow to 18.2% in 2026, 3.7ppts higher than in 2022.”

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