The company 'successfully repurposed the distribution centre as an online fulfilment operation' although 'margins were lower due to shipping costs and the additional costs associated with social distancing measures within the distribution centre.'Ī Waterstones spokesperson told the Bookseller that 'during the periods of enforced closure, tight control of costs aided by the government support measures and the welcome sharing by most of our landlords of the impacts of closures have ensured the financial resilience of the company.' Waterstones added that demand for books 'was strong immediately prior to the enforced closure of the shops' and that after the closures, online business performed strongly. 'Footfall and sales continue to recover but remain depressed, notably in London and other metropolitan city centres.' Waterstones said that it has entered the current fiscal year 'in a strong position and well placed for a return to growth in both sales and profits.' Stores have been performing 'above base forecast' since April reopenings.

These are the first full fiscal year results filed since Elliott Advisors bought Waterstones. In the full fiscal year ended April 25, 2020, sales at Waterstones fell 4.3%, to £376 million (about $532.4 million), and profits after tax fell 8.4%, to £20.8 million ($29.5 million), the Bookseller reported, noting that the information was filed later than normal because of the pandemic.

Book fatty legs