Holland & Barrett sets £1bn sales target

Holland & Barrett sets £1bn sales target

Holland & Barrett is bidding to almost double its sales to £1bn over the next five years after it posted a record seventh consecutive year of growth.

The Nuneaton-based business said it plans to hit revenues of £1bn by 2020 by rapidly expanding its overseas business, from its current base of 1,071 shops across 11 territories including China, Kuwait and the UK.

It said sales grew 11.7% to £573.8m in the year to the end of September, while pre-tax profit lifted 12.2% to £146m, on rising demand for its healthy food, drink and natural beauty products.

The group, which runs 774 stores in the UK and Ireland, said its UK like-for-like sales lifted 10.4% buoyed by an 8% increase in shoppers over the period.

Chief executive Peter Aldis said: "This year's performance, especially our rapid growth overseas, underlines the fact that rising consumer interest in healthier living and wellness is by no means a UK or even western phenomenon.

"Demand has continued to increase for our long established propositions in vitamins, minerals and supplements, but our investments in further developing our product ranges in sport, healthy beauty and healthy food have shown notable increases in sales and footfall across all of our stores in all markets."

During the year the group opened 56 stores around the world as well as its 100th franchise shop in the Chinese city of Taiyuan.

It also said it is in advanced discussions with a partner in India to open its first Holland & Barrett there next year.

Holland & Barrett International is part of the US health group NBTY, which is owned by buyout firm Carlyle Private Equity.