Foyles reports rise in sales, drop in profits

UK independent bookseller Foyles has reported a £600,000 (A$1.18m) loss in the 2013/14 financial year despite a 2.2% rise in sales, reports the Bookseller. The bookseller, which has five shops in London and one in Bristol, attributed the deficit to ‘significant exceptional write-offs’ from the close of its Westfield White City branch, and the move of its flagship store to a new, custom-designed shop a few doors down from its old location on London’s Charing Cross Road. CEO Sam Husain, who will step down from his role in April, said it was a ‘clean-up year’. ‘December last year was exceptionally good. I’m sure we are taking market share in physical books from other channels, perhaps the supermarkets,’ said Husain.

Category: International news