Foyles profits surge after boom at London flagship

Foyles bookshop yesterday announced profits ahead of expectations for the financial year with operating profits up five-fold year-on-year.

Like-for-like sales grew by 9.7 per cent, following a bumper Christmas. The net pre-tax profit figure for the year ended 30 June was £335,935 whilst turnover grew by 1.9 per cent to £23.1m.

The directors have once again decided not to pay a dividend in order to strengthen the balance sheet Sales growth has mainly come from the two established bookshops at the Royal Festival Hall on London’s Southbank and St Pancras International station as well as the flagship store at Charing Cross Road. The store has a planned ground floor extension reiterating the company’s growth trend. Chairman of Foyles, Christopher Foyle said: “I am very pleased with the trading results for the year.”