Germany's Thalia reports sales uplift, but profits suffer

Germany's Thalia reports sales uplift, but profits suffer

German book chain Thalia has come through the pandemic in better shape than expected with sales up 7% to more than €1.1bn (approximately £928m) in the 12 months to 30th September in Germany and Austria.

However the Covid-19 crisis has hit the market leader’s profits hard, according to c.e.o. Michael Busch. While final figures will not be published for some time, he estimates the damage of enforced store closures during two lockdowns in 2020 – the second one in the midst of the crucial Christmas season – to be around €65m, of which only about €18m will be covered by government grants. “I am...

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