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Boots bounces back as American owner seeks buyer for the British chain

Boots bounces back towards pre-pandemic levels as American owner seeks a buyer for the British chain


Sales at Boots are heading back to pre-pandemic levels as its American owner seeks a buyer for the British chain.

Walgreens Boots Alliance, which has put the UK business up for sale, said revenues at the Boots pharmacy branch were 8.8 per cent higher in the three months to November than in the same period a year earlier.

And in the retail arm, sales were up 16.4 per cent.

Boots-owner Walgreens Boots Alliance said revenues were 8.8% higher in the three months to November than in the same period a year earlier

Although fewer people were coming into stores than before Covid struck, they typically spent 12 per cent more than they did pre-pandemic, and online sales were booming.

The recovery means sales at Boots were close to pre-pandemic levels over the three-month period.

Boots added that its performance over Christmas was ‘good’ thanks in part to a spike in sales of perfume and beauty products from brands such as Chanel, Nars and The Ordinary.

The sales rebound could make Boots more attractive to potential suitors as speculation of a private equity bidding war mounts.

The company, founded by John Boot in 1859 in Nottingham, is thought to command a price tag of up to £7billion.

Sebastian James, managing director of Boots, said the virus was continuing ‘to create headwinds for the UK High Street’.

But he added: ‘Our transformation continues as planned with investment, particularly in digital, our beauty portfolio and healthcare services, aiding a fast-paced recovery from the pandemic.’

The overall Walgreens Boots group, which is based in Illinois, raked in sales of £25billion in the three months to November – up 7.6 per cent on the same period the previous year.

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Read more at DailyMail.co.uk