Boots boosts profits with modernising programme

RETAILER Boots hailed the success of its modernising and cost-cutting drive yesterday as it posted a 2.7% rise in annual profits to £544.6 million.

The health and beauty chain said it had been encouraged by trading after its core Boots the Chemist chain saw like-for-like sales growth of 3.9%, marking the seventh consecutive quarter it has delivered good growth.

Yesterday's results follow the group's announcement in January that it would axe jobs as part of cost-cutting plans. In March Boots embarked on a £390 million expansion drive in a bid to modernise the business.