Foyles profits rocket

Operating profits increased five-fold from £80,625 to £434,588.

Turnover grew 1.9% to £23.1m while like-for-likes jumped 9.7%. Foyles said this compared favourably with the overall industry decline of about 5.6% in the same period.

EBITDA rocketed from £597,106 to £999,337 in the period.

The retailer, known for its weekly literary events featuring well-known authors, said growth was driven by its flagship Charing Cross road branch, as well as its stores at the Royal Festival Hall on London’s Southbank and its shop at St Pacras station, in London.

It said its most recent opening in Westfield London has a “promising trend of improving sales”.

Chief Executive Sam Husain said: “The profitable results crowns a year of successful achievement which would not have been possible without the endeavour, dedication and commitment of the management team and all the staff at Foyles. I look forward to continuing to work with them to build on this success.”

Chairman Christopher Foyles: “I am very pleased with the trading results for the year and thankful to the incumbent management for putting the Company on to a sustainable profitable footing. This achievement now completes the re-build and restructuring of Foyles, started a decade ago with the physical refurbishment and reorganisation of the flagship store on Charing Cross Road”