Boots sales soar 11.7 per cent as stalwart weathers economic storm
High street chemist Boots revealed an 11.7 per cent hike in sales on a year-on -year basis during the fourth quarter, as the firm was bolstered by demand for skin care products and luxury beauty items.
The British-born company – which has long been under the ownership of US firm Walgreens – said that skincare sales were up nearly 25 per cent and its own-brand range saw sales leap 20 per cent.
On the digital front the makeup to meal deal seller also performed well with online sales up 23.7 per cent – users of the Boots App are up 60 per cent year on year.
With the cost of living crunch still curbing shoppers’ spending, Boots said it also ramped up discounts for users of its Price Advantage card – the firm claim shoppers have saved £62m since the scheme launched.
It comes as Walgreens just revealed it has appointed a new chief executive, Tim Wentworth, to head up the firm.
The pharmacy veterans hire comes as rumours are still circulating about whether or not the American firm will look to sell the British brand.
According to a report by This is Money in April former chief Rosalind Brewer and chair Stefano Pessina, were under pressure from the board to break up the business.
It would be the second time that Walgreens tried to get rid of Boots, placing the company up for sale in January 2022 with a £7bn price tag but this was called off in June after no buyer was found.