Booker shows way with strong growth

Booker, which has 172 branches in the UK, said like-for-like sales were 4.8 per cent higher in the 12 weeks to June 18, despite strong comparisons from a year earlier and the backdrop of virtually no food price inflation.

Recent figures from supermarkets Sainsbury and Tesco showed like-for-like sales growth of around 1 per cent as the sector struggles with comparisons against particu-larly high food inflation a year ago.

Helped by good weather over the period, Booker said its fresh food departments traded well, with sales of fruit and vegetables up 60 per cent and meat 11 per cent higher.

Evolution Securities analyst Dave McCarthy said Booker remained his top pick in the food retail sector.

He added: "These figures represent strong growth in a difficult market and demonstrate the strength and momentum in Booker's business model."

The Wellingborough-based group posted total sales of 3.4bn in its last financial year, including 1.3bn in tobacco revenues.

It added 17,000 customers to 431,000 in the year to March 26, pushing up pre-tax profits by 21 per cent to 57.2m.

Chief executive Charles Wilson told shareholders at yesterday's annual meeting that the business was performing in line with expectations.