High street giant Boots hailed the success of its modernising and cost-cutting drive today as it posted a 2.7% rise in annual profits to £544.6 million.
The health and beauty chain said it had been encouraged by trading after its core Boots The Chemist chain saw like-for-like sales growth of 3.9%, marking the seventh consecutive quarter it has delivered good growth.
Today's results follow the group's announcement in January that it would axe jobs as part of cost-cutting plans. In March Boots embarked on a £390 million expansion drive in a bid to modernise the business.
It said around 1,000 staff had volunteered for redundancy since its January restructuring - a higher number than had been expected and a move that will benefit the group in this financial year.
Chief executive Richard Baker, who took the helm last September, said: "We now have in place a clear business plan to make Boots more modern, competitive and efficient, which builds the foundations for a stronger Boots the Chemist.
Thursday May 27, 2004
Comments: Our rules
We want our comments to be a lively and valuable part of our community - a place where readers can debate and engage with the most important local issues. The ability to comment on our stories is a privilege, not a right, however, and that privilege may be withdrawn if it is abused or misused.
Please report any comments that break our rules.
Read the rules hereComments are closed on this article