Weight-loss drugs boost health food sales at Holland & Barrett
The use of weight-loss drugs such as Ozempic and Mounjaro is fuelling stronger sales at Holland & Barrett, according to its boss.
Alex Gourlay, executive chairman, said the health foods chain was 'reformulating' its range to cater to customers using the new generation of appetite-suppressing treatments after a surge in demand for healthier snacks and drinks.
The retailer is incorporating more high-protein and functional ingredients such as collagen and ashwagandha after a 34 per cent increase in food sales year-on-year. People on weight-loss drugs often express a preference for healthier foods as they may feel less hungry and have reduced cravings for unhealthy foods.
'GLP1 is a real trend breaker,' Gourlay said. GLP1 is a class of weight-loss medication and stands for glucagon-like peptide-1.
He added that because of an 'insufficient public health care provision due to constraints on national health systems, there is an increasing unmet need which Holland & Barrett was well positioned to serve'.
Holland & Barrett was founded in 1870 by Major William Holland and Alfred Barrett and has more than 1,000 shops, including over 790 in the UK and Ireland. The business has been owned by Letter One, an investment vehicle, since 2017.
Total sales rose 10 per cent year-on-year to £884.5 million in the year to September 30 as customer numbers rose by a record 9 per cent, reaching a record high. Sales volumes across the group grew by 5 per cent.
Gross profit rose 10 per cent to £524.2 million, which it said was a result of investment in the business's digital transformation strategy.
Pre-tax losses narrowed to £61.8 million from £73 million the year before as its turnaround plan started to pay off. The plan included investing in employee training, renovating shop locations, product innovation and upgrading its IT systems.
The chain, whose headquarters are in Nuneaton, ended the year with £72 million in cash and net assets of £644 million, compared with £32 million in cash and net assets of £526 million in the prior year.
'Strong growth' carried into the first half of this financial year, with sales and gross profit both up 8 per cent year-on-year and customer numbers and satisfaction continuing to rise.
Gourlay said the company planned to open a further 36 stores this year after opening about the same number in the latest financial year.
• Should we all be eating our food raw?
Asked if Letter One was considering a sale of the Holland & Barrett chain, he said the owners 'see this business as a business that they want to hold for a while. They want to invest in it.'
He added that a flotation had also not been discussed. 'I don't think it is on the plan at the moment for obvious reasons because it's not easy to list a business at the moment.'
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