Boots is the latest in a raft of UK high street retailers to warn that it is faces a performance review. This follows the statement made by its US parent company Walgreens Boots Alliance that ‘decisive steps to reduce costs in the UK’ will be taken after a difficult quarter.
Boots currently employs 60,000 UK staff and has 500 shops across the country. Sales were down by 1.3 per cent in the quarter to February and the business says that it has been hit by tough competition and falling prices in the drugs market. It will now look to consolidate stores where possible and cannot rule out closing stores which are under-performing.
CEO Stefano Pessina commented: “While we are not the only company that has been impacted by the marked change in the environment, that’s not an excuse.”
Share