Waterstones full year profits rise 39%

Waterstones full year profits rise 39%
Waterstones sees encouraging rise in profits for full year.
// Waterstones posts full year results at Companies House
// Profit rose 39 per cent in the full year to April 27
// Lack of a bestseller cited for reason behind marginal sales gains

Waterstones this week posted a 39 per cent rise in pretax profits for its full year after being sold to US hedge fund Elliott Advisors in April 2018.

Accounts filed at Companies House on Wednesday show pretax profits came in at £27.7 million for the full year to April 27 2019, up  per cent from the £19.9 million achieved year before.

READ MORE: Waterstones posts flat sales during “nerve-wracking” Christmas

Sales rose less than two per cent from £385.7 million to £392.77 million, a figure Waterstones noted could have been higher if there had been more bestselling titles during the full year.

The bookseller opened four new shops during the year, with a further Cafe W also added to the estate in the full year to April 2019.

Five shops were closed, bringing Waterstones store total to 227 for the period under review.

The news comes one day after Waterstones chief executive James Daunt reported back on a “nerve-wracking” Christmas trading period.

Speaking to Retail Week, Daunt said Waterstones had to work harder as there was not a “blockbuster” book to be sold during the crucial Christmas trading period.

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