Waterstones sales, profit up in year to April 2022

In the UK, bookselling chain Waterstones posted an increased profit and revenue in the year ending April 2022, a recovery to the company’s finances following a plunge during multiple lockdowns in 2021, reports the Bookseller.

Waterstones’ profits after taxation grew 1352% to £42.1 million (A$75.5m), up from £2.9 million (A$5.2m) in the year ending April 2021, and revenue grew 73% to £399.8 million (A$717m), up from £230.9 million (A$414m) the previous year. The company is now exceeding pre-pandemic sales; revenue for the year ending April 2020 totalled £376m (A$674m).

A Waterstones spokesperson told the Bookseller: ‘It is very encouraging to see this recovery now that we are past the period of mandatory shop closures, many of these having been sudden and prolonged. Our customers returned to our bookshops with enthusiasm and our online business continued to perform exceptionally well. The business continued during this period to benefit from significant government support.’

The spokesperson said Waterstones’ acquisition of Blackwell’s ‘exemplified our confidence in the business’, while Waterstones also opened 13 new stores in 2022.

Category: International news