Waterstones profits quadruple to £43m as office workers return
The book seller has also benefited from the increased popularity of both reading and physical bookshops, thanks to social media and positive press coverage
Waterstones has seen pre-tax profits rise from £11.2m to £42.9m in the year to 27 April 2024, whilst reporting a 16% sales rise to £528.4m.
It comes as Waterstones experienced “encouraging” growth in London and other metropolitan city centres, as tourist numbers increased and workers returned to offices.
The retailer’s operating profits before exceptional items more than doubled to £45.6m during the period. After exceptional operating charges amounting £1.8m, the groups operating profits totaled £43.8m.
The exceptional charges included the integration of Blackwells from August 2022 and Foyles from September 2023 onwards into the group.
Those deals culminated in Blackwells.co.uk and Wordery.com having been added to the group’s existing online brands of Waterstones.com and Foyles.com. The group believes that this move has expanded book sales to a wider customer base.
Following further store openings, Waterstones’ portfolio currently totals 317 sites across the UK, the Republic of Ireland, Isle of Man, Jersey, the Netherlands and Belgium.
Waterstones has also seen its online business continue to deliver a strong performance.
The book seller has also benefited from the increased popularity of both reading and physical bookshops, thanks to social media and positive press coverage.
Waterstones wrote in its filing on Companies House that it “continues to seek to improve the standards of bookselling” within its shops by enhancing the range of books and related product offerings.
It also aims to continue training and enhancing career development of its booksellers, as well as target investment in its shops and operational infrastructure.
