Waterstones recorded an increase in full-year profits as sales soared post-pandemic.
The bookseller posted a £42.1m profit after taxation in the financial year ending April 2022 – up from £2.9m in 2020/21 and £19.7m in 2019/20.
Annual sales increased to £399.8m from £230.9m in 2020/21 and £376m in 2019/20.
Accounting for its first full-year performance post-Covid-19, Waterstones said it benefited as lockdowns and restrictions were lifted and customers returned to bookshops.
It also benefited from online sales, which continued to perform well, and significant government support.
Waterstones said its acquisition of Blackwell’s, the UK’s largest independent bookseller, in March 2022 “exemplified its confidence in the business” as it continues to invest in new and existing shops.
However, it added that reduced footfall, cost inflation, customer confidence and supply chain problems continue to be a challenge in the future.
The retailer implemented Blue Yonder, a warehouse supply chain management software solution, earlier last year and has since been facing stock shortages due to tech issues. It hopes to have a fully functional distribution system in place by early 2023.
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