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Tesco Target Booker Posts 2.5% Sales Increase In Interim Results

Published on Oct 12 2017 9:49 AM in Retail tagged: Trending Posts / Tesco / UK Retail / Booker

Tesco Target Booker Posts 2.5% Sales Increase In Interim Results

UK wholesale retailer Booker has posted sales of £2.6 billion for the 24 weeks ending 8 September, representing an increase of 2.5% compared to the same period last year.

Sales of non-tobacco products were up by 7.5%, however, tobacco sales were down 9% due to changes in legislations.

The group's operating profit increased by 9% to £89.1 million, while basic earnings per share also grew 9% to 4.19 pence.

"Booker Group continues to make good progress with like-for-like non tobacco sales up 7.7%," said Charles Wilson, chief executive of Booker.

"We continue to help our retail, catering and small business customers prosper through improving our choice, prices and service."

Tesco Merger

Booker adds that it expects the planned merger with supermarket giant Tesco to be complete in early 2018.

The deal was first announced in January 2017, with Tesco chief executive Dave Lewis saying that the acquisition would create "the UK's leading food business".

Originally, the deal was set to be completed by late 2017 or early 2018, however, the UK's Competition and Markets Authority (CMA) has been conducting an in-depth investigation to asses 'whether the deal could reduce competition and choice for shoppers and other customers'.

Last week, the CMA announced that provisional findings are expected to be made by the end of this month, with a final report by the end of the year.

In its latest update, Booker says that it is 'excited by the opportunities the merger will create for consumers, our customers, suppliers, colleagues and shareholders'.

© 2017 European Supermarket Magazine – your source for the latest retail news. Article by Sarah Harford. Click subscribe to sign up to ESM: The European Supermarket Magazine.

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