Booker posts strong first quarter sales, stock rises

CASH-and-carry group Booker yesterday posted a 7.8 per cent increase in underlying first-quarter sales, stronger than it anticipated less than two months ago, and said profit was in line with its expectations.

Booker, which runs over 170 branches supplying grocers and caterers as well as schools and prisons, said total sales in the 12 weeks to 19 June also rose 7.8 per cent.

Non-tobacco sales rose 10.4 per cent on a like-for-like basis in the first quarter, while like-for-like tobacco sales were up 3.9 per cent.

At its annual results in May, Booker said it did not expect underlying first-quarter sales growth would be as strong as the 6.4 per cent increase it saw in its fourth quarter.

“Profits and net debt remain in line with management expectations,” Booker said.

The group’s shares yesterday lifted by 3.7 per cent to 35p.