The bookseller Foyles has announced that in the year ending June 2014 sales rose by 2.2% to £23.4 million with gross profit rising by 3.7% to £6.52 million, however the company made an operating loss of £600,000 due to funds involving the move to a new flagship store in London’s Charing Cross Road and also it closed its store in Westfield White City.
Sam Husain chief executive of Foyles said: "2013-14 was a period of change and consolidation for Foyles, crowned by the move into a new custom-designed flagship bookshop on London’s Charing Cross Road. We have taken the opportunity to consolidate our extraordinary expenses as we prepare for further expansion in 2015. Although we have not seen profit in this period, we are now in a very strong position in terms of cash flow."
On the plus side, Foyles plan to open a new store in September at Birmingham’s Grand Central shopping centre.
