Holland & Barrett's profit was trimmed last year as it faced off growing competition from the national supermarkets.
For the year ended 30 September 2016, profit before tax fell from £128.1m to £112.8m, a drop of 12 per cent. Sales totaled £444.1m, up 4.6 per cent from £424.7m the year before. Holland & Barrett said its sales growth was in part due to the 27 new stores it opened in the year.
Why it's interesting
Aside from new stores, Holland & Barrett also landed itself a new owner this year. The health retailer was recently sold for £1.8bn to L1 Retail, a fund controlled by Russian billionaire Mikhail Fridman.
In its strategic report for the year, the business said it was in a strong position, but that there was increasing competition from supermarkets and internet retailers, in addition to the 1,000 independent health retailers in the UK.
"The company has differentiated itself from its mass market competitors by developing a specialist reputation, whilst at the same time offering high quality products at a low, value price," said Peter Aldis, Holland & Barrett's chief executive.