Supermarkets and the web blamed for poor performance
Bookseller Ottakar's this morning reported a fall in pre-tax profits to£2.6 million, compared with£6.9 million last year, in its full-year results. Like-for-like sales across its 141 stores for the year to January 28 were down 2.8 per cent.

Trading has confirmed to be weak, with like-for-like sales for the eight weeks to March 25 down 8.1 per cent.

The group blamed the poor results on 'continued softness on the high street, with market growth being absorbed by both supermarkets and internet channels'.

Ottakar's said it is considering launching a transactional web site to complement its store base and plans to open four stores this year. It opened 10 stores were opened last year, adding 34,000 sq ft (3,160 sq m) of retail space.

The retailer is subject to a takeover attempt from Waterstone's owner HMV Group. The Office of Fair Trading referred the bid to the Competition Commission in December, with the Commission expected to reveal its preliminary findings by the end of March. The final decision is due by the end of May.

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