Superdrug saw its group revenues decline 15% year-on-year to £1.11bn in FY20, despite being classed as an “essential retailer”.
Profit before tax at the health and beauty retailer also plummeted 79% year-on-year to £18.8m for the 52 weeks ended 26 December 2020.
During the period, the company benefited from £14.2m in government grants under the Covid-19 job retention scheme.
Despite being an essential retailer, Superdrug claimed that footfall declined 75% as a result of the temporary closure to 230 stores during the first national lockdown.
While the group did operate over a “significant increase in online trading”, revenue fell 40% year-on-year during Q2 FY20.
A net reduction of 13 stores during the financial year saw Superdrug’s fixed assets fall £80.8m throughout the period.
However, the group was able to reduce its capital expenditure by 46% year-on-year to £15.5m.