Waterstones on track for return to pretax profit after strong ChristmasComments Off on Waterstones on track for return to pretax profit after strong Christmas
Bookseller Waterstones is on course for its first pre-tax profit under the ownership of Russian billionaire Alexander Mamut, who bought the chain from HMV five years ago, managing director James Daunt has said.
Companies House accounts showed an operating profit of £5.2 million in the year to April – improving on a £5.4 million loss previously – as well as much-reduced pre-tax losses of £1.9 million.
Daunt said Waterstones should return to pre-tax profit in the current year following a strong Christmas.
Daunt – a former banker who set up his own independent book chain – was hired by Mamut to salvage Waterstones in 2011 by Alexander Mamut after he spent £53 million buying the business in 2011. The chain, which has more than 270 stores, has enjoyed a revival in physical book sales as well as branching into stationery, gift cards and cafes in store.
There are no immediate plans for a float of the business, with Daunt saying the turnaround was still a “work in progress”.