Economy

Superdrug sees profits surge 5% to £45m

It reported that profit before tax increased 141.3% to £45.3m, compared to £18.8m in the year before.

Superdrug has revealed its full-year profit before tax has increased 141.3% to £45.3m, compared with £18.8m the previous year for the 53-week period ended 1 January 2022.

It comes as it revealed its full-year revenues also increased 5.1% to £1.168bn, compared with £1.11bn in 2020 for the 53 week period ended 1 January 2022. 

It reported that profit before tax increased 141.3% to £45.3m, compared to £18.8m in the year before, mainly driven by lifted Covid-19 restrictions and a reported increase in footfall on the high street. 

The firm also confirmed online sales increased 48.5%, compared with 2019 pre-pandemic levels. The report stated  that its own-brand products or exclusive product sales also increased compared to the previous year.

The company reported a “challenging period” with the Covid-19 pandemic, with revenue in the first quarter down 29% compared to the same period in 2020.

Superdrug reported 14 new store openings and 18 store closures in 2021, resulting in a trading estate of 796 stores at the end of the financial period.

The group said it recovered from the Q2 as lockdown restrictions were lifted, with the Omicron variant impacting December sales.

Peter Macnab, CEO of Superdrug, said: “Our annual reports show that 2021 was another year spent tackling the effects of COVID-19. The inflationary environment started by the COVID-19 pandemic has now been accelerated by the Ukraine crisis and we see significant pressure on retail’s operating margins, as well as reduced consumer confidence and disposable income.

“Although we expect the UK retail environment to remain challenging, the resilience of our online and healthcare channels, coupled with our clear future strategy to operate in both the offline and online channels, focus on our cost base and drive efficiencies that can be invested in improving our customer and colleague offering, leaves us well positioned to grow successfully in 2022 and beyond.”

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