Waterstones has hailed workers returning to the office, increasing footfall in London and the rebound of international tourism for contributing to its profits quadrupling in its most recent financial year.
In newly filed accounts to Companies House, Waterstones reported pre-tax profits of £42.9m – up £11.2m from the previous year – in the 12 months to April 27, 2024.
The retailer’s revenues for the period jumped from £452.4m to £528.3m in the year.
Waterstones said workers returning to offices, “encouraging growth in London” and rising tourist numbers all contributed to boosting its finances.
It represents a return to form for the retailer after profits plunged by 80% in the previous financial year when Waterstones was plagued by IT problems stemming from a new warehouse system.
Earlier this month, chief executive James Daunt said Waterstones planned to open dozens of new bookstores in 2025 across the UK.
He also hinted at a potential floatation for the brand in London or New York.
The board said in a statement: “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.
“Waterstones has benefited from the increased popularity of both reading and physical bookshops, supported notably by social media and positive press coverage.
“The company continues to invest in both our people and our shops to improve the standards of bookselling and has successfully opened further new bookshops.”
Waterstones also added that its “online business continues to deliver a strong performance”. It said: “Waterstones continues to seek to improve the standards of bookselling within its shops by enhancing the range of books and related product offerings, continues training and enhanced career development of its booksellers and targeted investment in the shops and operational infrastructure.”
No comments yet