Waterstone's profits from cash injection

<p>Liz Bury</p><p>Christmas trading at Waterstone's profited from changes made at the chain last year, with a like-for-like sales increase of 5.6% in the five weeks to 4th January. Total sales growth was lower, at 4.5%, a figure that the company said reflected a small number of store closures in 2002.</p><p>Waterstone's refurbished 10 of its largest stores and refreshed stock across the chain following the flotation of parent HMV Group in May. The programme of investment totalled &#163;5m.</p><p>Steve Knott, Waterstone's m.d., said of Christmas trading: "We spent a lot of time putting toget...

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