Foyles records operating loss as footfall remains ‘depressed’
In the UK, bookshop chain Foyles recorded an operating loss after sales dropped dramatically in the year ending 24 April, reports the Bookseller.
Sales fell to £8.5 million (A$14.9m) last year from £22.7m in 2020, with an operating loss of £1.7 million (A$3m) compared with a profit of £1.1 million (A$1.9m) in 2020. The results are similar to those posted by parent company Waterstones, which saw sales fall 39% and profit after tax down 85% in the pandemic-affected 2021 financial year.
Waterstones MD James Daunt said Covid ‘has and continues to have a significant adverse impact’ on Foyles, noting that footfall and sales remain ‘depressed’, particularly in London and other city-centre locations as people continue to work from home and tourist levels are reduced.
Foyles has seven bookshops across England.
Category: International news