Boots has reported an 18.3% decrease in UK profits to £317 million.  The retailer’s parent company is said to be exploring the option of store closures, after putting the profit drops down to intense competition and the highly promotional retail market.

The retailer is owned by US company Walgreens Boots Alliance, which is looking at store closures as an option to save £1.2bn in annual costs by 2022.

Boots was first opened in 1849, and has now become the largest pharmacy-led health and beauty chain in the UK, employing 56,000 people across 2,500 stores.

It was announced in February that it planned to cut 350 jobs at its head office in Nottingham in order to reduce decision making time and improve efficiencies.

The company is working on changing its consumer audience by stocking Fenty Beauty by Rihanna, with further plans to stock 20 more cult brands over the next six months.