Waterstones’ profits fall 37% to €1.5m

BRITISH bookstore group Waterstones’ pre-tax profits fell 37% to €1.5 million in Ireland last year.

Despite the fall in profit, the directors said that the company traded successfully in the year to April 25, 2009. The company, which is owned by music store owner HMV, saw total sales fall by 13.3%, to €24.7m, in the year. Operating profit fell to €0.7m from €2m, largely reflecting the sales decline.

The directors recommend that no final dividend be declared and that the profit be transferred to reserves, according to accounts just filed.