FOOD and wine retailer Booths said it had recorded solid year end results against the backdrop of a “tumultuous” grocery market.
Booths, which has stores in Settle, Ilkley and Ripon, said it had been held back by food deflation and a competitive retail market as sales fell by 0.5 per cent.
Turnover in the year ended March 28 2015 was around £280.76m compared with £282.20m the year before. Profit on ordinary activities before tax was £1.63m, compared with £3.95m the year before.
During this financial year Booths opened a new store in Barrowford, Lancashire, and by the end of 2015 it will have opened a further four stores, marking the largest expansion in the group’s history.
A spokesman said: “Booths also made significant financial investments in a fair milk scheme in May 2014, vowing to pay the highest farm gate price in the market to farmers supplying Booths.
Chris Dee, the chief executive of Booths, said: “In a highly charged retail market Booths has stayed true to its roots by undertaking fair practice with suppliers. Our suppliers are vital to the continued success of Booths and we remain committed to supporting small scale artisan producers and farmers.
“Because our stores are often located in rural areas, our farmers are often our customers as well as suppliers and supporting them in challenging times is part of the Booths DNA. Longevity in business requires investment in strong relationships with suppliers and new markets.”
In July, Edwin Booth, the chairman of Booths, told The Yorkshire Post, that the chain saw no significant growth last year and warned that the supermarket price war has created a domino effect throughout the wider industry.
Booths, which has more than 30 stores, was founded in 1847 and has its headquarters in Preston.