Up-for-sale Boots reports revenue rebound

By Becky Bargh 4-Apr-2022

Ahead of its potential sale, the British beauty chain is basking in the success of an impressive quarter

British health and beauty retailer Boots is likely to have impressed potential buyers with its Q2 balance sheet.

For the three months ended 28 February, Boots’ comparable retail sales were up 22% compared with the previous year.

Led by beauty, market share was gained across all categories.

Footfall is still below pre-pandemic levels, but has increased compared to the Q2 of 2021.

The retailer’s online business, meanwhile, saw a 60% boost compared to pre-Covid-19 levels in Q2 of 2020.

Boots.com’s sales accounted for more than 15% of overall retail sales for the business over the three month period.

“The strategic review of our Boots business is progressing, and our transformational actions are accelerating sustainable value creation,” said Walgreens Boots Alliance CEO, Rosalind Brewer, on the company's overall results.

Key milestones during the three month period include the reintroduction of Boots’ 17 beauty brand.

The revamped version, which originally launched in 1968, features more than 170 products, with prices starting from £2.

Speaking about the new collection upon launch, Boots’ Head of Beauty, Jenna Whittingham-Ward said that “affordable cosmetics doesn’t have to mean a compromise on quality”.

The brand’s Colour Pop eyeshadow, for example, is infused with almond oil, while the Second Skin Enhancing Foundation contains vitamin E and hyaluronic acid.

The battle for Boots

Boots is thought to be nearing a £7bn buyout deal after meeting with prospective suitors last month.

Asda’s billionaire founders, the Issa brothers, are thought to be in the running for the healthcare retailer.

Apollo and Sycamore are also among the companies to have submitted a non-binding bid.

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However, city sources are sceptical about whether the business will make a firm offer.

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