Waterstones has recorded a rise in its full-year profits as sales rose, but the retailer said the lack of a ‘significant’ bestseller hampered potentially higher growth.

The bookseller recorded a 38% jump in pre-tax profit before exceptional items to £27.7m in the year to April 27, 2019.

Waterstones’ sales edged up 1.8% to £392m during the period, despite not having a ‘significant bestseller’ to boost sales.

Against this backdrop, the chain said revenue was bolstered by non-book sales, particularly from sales across its in-store cafes.

Waterstones opened four new stores during the period, all of which it said are trading successfully.

However, the retailer also closed five stores, taking its overall store estate to 277 shops across the UK, Republic of Ireland, Holland and Belgium.

During the year, Waterstones was bought by US hedge fund Elliott Advisors, which invested £7m into the business as part of its growth strategy.

Waterstones’ owners more recently bought American bookstore chain Barnes & Noble, placing Waterstones chief executive James Daunt into the joint role of chief executive of Barnes & Noble.

 

 

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