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Waterstones profits quadruple as office workers return

Waterstones profits quadruple as office workers return

Waterstones has reported a fourfold increase in profits, with the return of office workers and a rebound in international tourism contributing to a strong performance.

The UK’s largest bookseller saw pre-tax profits rise to £42.9m for the year ending April 27, up from £11.2m in the previous year. Revenues also increased 16.7% to £528.3m.

A statement from the board said: “Footfall and sales continue to grow year on year with encouraging growth in London and other metropolitan city centres as tourist numbers increase and workers return to offices.”

The strong results follow a challenging year for the retailer, which saw profits plummet 78% in the year ending April 2023 due to IT issues at its warehouse that caused order backlogs. The company noted that its improved profitability was due to reduced costs related to system implementation, though inflationary pressures on operational costs remained a challenge.

Moreover, the retailer underscored its strong online business performance, adding: “The online business continues to deliver a strong performance.”

It added that it “benefited from the increased popularity of both reading and physical bookshops, supported notably by social media and positive press coverage”.

Looking ahead, MD James Daunt outlined plans for expansion, stating: “Waterstones plans to open dozens of new bookstores in 2025 across the UK.” He also hinted at the possibility of a flotation in London or New York.

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