Sales grow 70% in first half at The Book Depository

Sales grow 70% in first half at The Book Depository

<p>The Book Depository grew sales by more than 70% in the half-year to December 2010, with revenue now expected to be &pound;120m in its full year, almost double what it achieved the year before.<br /><br />Sales increased to &pound;60m up from last year&rsquo;s sales of &pound;35m. Kieron Smith, managing director of the online bookseller, said sales growth was &quot;across the board&quot;, with the weakness of the pound a fillip for the business. The company ships free of charge to more than 100 countries, with overseas sales making up about two-thirds of the overall business. <br /><br />Smith said he was &quot;very pleased&quot; by the growth, adding that &quot;it will be even more interesting this year&quot; with the development of foreign language title sales. It will also assess whether it needs a physical presence overseas. At the moment all books are shipped via its Gloucester-based warehouse. </p><p>Smith said the business had also been picking up sales from the UK, with home sales expected to be about &pound;30m in its full-year. Despite the problems on the high street Smith said he would not rule out having physical outlets in the future. &quot;The high street is very difficult, but we are not ruling it out. I&#39;m convinced there is a right mix out there that is a combination of the two.&quot;<br /><br />Developments in the shorter term include the public launch of its self-publishing website Espressio and a separate site selling DVDs and video games.<br /><br />In the year to end-June 2010 The Book Depository reported sales of &pound;69m, and made an operating profit of &pound;2.3m. Smith refused to be drawn on profit expectations for the next fiscal year, except that the company remained profitable.</p>