Superdrug Posts 41% Growth In Profit For 2016
UK health and beauty retailer Superdrug has posted a 41% increase in pre-tax profits to £80.4 million, reports Retail Gazette.
In the 53 weeks ending 31 December 2016, revenues were up by 10.4% to £1.2 billion, while like-for-like sales experienced growth of 7.8%.
Cosmetic products were a key growth area for the retailer, with sales increasing by 14% and accounting for 30% of the market share. Online sales were up by 60%, and health and wellbeing products were up by 12%.
“We have had a strong year and are pleased with the company’s performance,” said Peter Macnab, chief executive of UK health and beauty at AS Watson, which operates the Superdrug chain.
“Looking to the future our strategy remains to offer customers everyday accessible health and beauty, giving them the beauty and health services they need, and an unbeatable selection of products at great prices, in a vibrant and friendly store environment.”
Last year the company invested £33 million into store expansion and refurbishments, as well as the development of a new regional distribution centre.
© 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.