Foyles returns to profit, plans to expand flagship store

<p>Foyles made a pretax operating profit of just over &pound;80,000 during the 12 months to 30th June 2009, reversing the loss of &pound;115,000 made the previous year. Foyles also revealed that its online sales now account for 7% of total sales, and that it intends to expand its flagship Charing Cross store.</p><p>The company&#39;s results showed a like-for-like increase in sales of 7.2%, while turnover was up 12% to &pound;22.6m. Net operating loss after charges was reduced from &pound;194,000 to &pound;46,667, while earnings before interest and amortisation more than doubled to &pound;597,106. In particular, the company gained ground with internet sales, which were up 46.7% on the previous year. They now account for 7% of total sales, up from 5.2%. <br /><br />In a press statement Sam Husain, chief executive of Foyles, said: &quot;In what is undoubtedly a tough time for the retail trade, I am delighted with Foyles&#39; results for this financial year. We will continue to maximise sales for our four retail bookshops, the internet and our commercial accounts and whilst we have no immediate plans to open new bookshops, we believe the company is in an ideal position to take advantage of new opportunities as they arise.&quot;<br /><br />He added: &quot;I would like to thank my colleagues both on and off the shop floors for their commitment, dedication and hard work.&rdquo;<br /><br />On the back of these positive results, Foyles has announced plans to expand its flagship Charing Cross branch by 1,300 square feet, extending the ground floor into the yard at the rear of the building. The extension is due to be completed before Christmas.</p>