- Foyles posts full-year operating profit of £29,140
- Sales up 4.3% to £24.4m
- Boss Paul Currie has overhauled the bookseller’s loyalty scheme
Bookseller Foyles has revealed a return to full-year profit as cost controls and an increase in sales boosted its bottom line.
Operating profits came in at £29,140 in the year to June 30, following a loss of £600,000 in the prior year due to write-offs, the retailer said.
Sales rose 4.3% to £24.4m in the period. Group EBITDA rose 11.4% to £397,053.
Chief executive Paul Currie, who replaced Sam Husain last year, said the business, which has six stores, had returned to profit and “stability” after a year of ”great change”.
He added: “This has been achieved through careful cost control and smart operating processes, with thanks to our customers for their continued loyalty.”
Foyles appointed Currie, former chief operating officer at Hamleys, as chief executive in February last year. He has since overhauled the ‘Foyalty’ loyalty scheme and focused on boosting the retailer’s multichannel offer.
The retailer relocated its flagship store on London’s Charing Cross Road in 2014, which resulted in an annual sales increase of 10%.
Competitor Waterstones narrowed its full-year losses to £4.5m in its last financial year as it ploughed £8.3m into refurbishing stores and improving its infrastructure.