Holland & Barret has reported a growth in sales in all markets driven by investment in stores, technology and new product development as part of its transformation strategy.

Holland-&-Barrett-2022

Holland & Barrett sales and gross profit are both up 11% year on year

The health and wellness retailer’s total sales grew 11% to £806.1m in the 12 months ending September 2023, up from £725.3m in 2022.

Holland & Barrett said this was driven by investment of nearly £70m in stores, technology and product development.

Gross profit increased 7% to £475.7m while EBITDA was reduced to £81.9m, down from £105.6m in 2022. The retailer said this was due to the ”implementation of new accounting policy change intended to improve cost management visibility” and investment in its growth strategy.

Year to date sales in 2024 were up 11% and gross profit up 11% on the same time last year, driven by greater sales volume of vitamin and supplements.

All geographic divisions were in growth with international sales in China, Saudi Arabia and India up 48% in 2024 with transactions up 4.7% year on year.

Holland & Barrett executive chair Alex Gourlay, said: “There has been a clear shift in recent years in public perception of health and wellness, with focus shifting to preventive rather than reactive care, and people increasingly wanting to own and manage their individual health. To meet this shift, we are transforming the Holland & Barrett business: to deliver health and wellness that is easily accessible to customers in the UK and in our core international markets.

“We are moving to a clearly defined, mission-led approach to wellness (ranging from gut and women’s health to joint care, cognitive function and weight management), supported by qualified and personalised advice to customers, and science-backed solutions that help people’s short-, medium- and long-term health and wellness needs.

“The business is now in a strong financial position and our strategic investments in the last year are showing clear benefits. In FY23 we invested over £4m on the transformation of the store estate and will invest in at least one store a day in the next two years in a UK & Ireland store refresh and refurbishment program.

“Over 63,000 hours of colleague training was delivered in the last year, to help colleagues better demonstrate and communicate the benefits and features of our products to customers. We have also made excellent progress with our product innovation, launching 100 new sports transformation lines, the rollout of medicines and healthcare ranges and ranges focused on functional mushrooms, collagen, and other superfoods.

“We have made ambitious plans to invest further in technology, training and new product and service innovations to provide customers with qualified advice. We are focused on our vision to be the trusted partner for 100 million people globally, and excited for our next stage of growth.”