Waterstones profits soar as shoppers return to bookshops
By David Wood | 23rd January 2023
Waterstones full-year profits have soared as customers returned to bookshops after Covid restrictions eased.
For the financial year ending April 2022, the bookseller posted a £42.1m profit after tax, an increase from £2.9m in 2020/21 and £19.7m in 2019/20.
Sales rose 73% to £399.8m from the prior Covid-hit year. Against 2019/20, sales were up 6.3%.
In its first full-year performance post pandemic, Waterstones said it benefited from the scrapping of lockdowns and restrictions.
A company statement said: "Sales and profitability at Waterstones improved significantly relative to last year (having been adversely impacted by the Government mandated closure of stores).
"Footfall and sales continue to recover, but remain depressed in some locations, notably in London and other metropolitan city centres.
"The online business continues to deliver a strong performance."
Copyright 2023 Moose Partnership Ltd. All rights reserved. Reproduction of any content is strictly forbidden without prior permission.