Britain's biggest bookseller saw profits fall by 78% last year.

Waterstones, which has stores in Cheltenham, Gloucester and Cirencester, and also owns Hatchards in Cheltenham, blamed problems at its distribution centre, as reported by The Times.

It said introducing a new warehouse management system had hit sales and caused operating costs to rise temporarily.

Waterstones reported profit of £11.2m for the year to April 29, compared with profit of £50.6m for the previous year.

It said sales had risen by 13.2% to £452m for the year, with particularly strong online sales performance.

Waterstones acquired bookseller Blackwell's in August 2022 and also owns Foyles.