Foyles, the bookshop that in recent years rebuilt its flagship London store and has opened several branches outside London, had its second year of profit in a row, the Bookseller reported. In the year ended June 30, 2016, turnover rose 2.7%, to £25 million (about $31.2 million), and pretax profit rose more than 10 times, to £131,447 ($164,200) from £11,108 ($13,800).
Foyles CEO Paul Currie said that "early signs" indicate that Foyles will post a profit again in its current fiscal year.
Currie attributed the gains to a series of changes, many taken since his appointment in 2015. These include "a massive step-change in terms of people, changes in roles and responsibilities; we have created an omnichannel strategy; we have opened three new stores; and launched a children's festival which is now being held annually." The company also redesigned its website; coordinated pricing online with pricing in stores; equipped booksellers with iPads on the shop floor; added digital signage in new stores; and developed a comprehensive in-house training program focusing on customer service.
Currie said a major challenge remains operating a low-margin business when costs are rising for bricks-and-mortar retailers. The company also continues to work on how to move its "London-centric model" to new regional stores, and wants to open more stores. "We are very clear," he said. "There is an enormous opportunity for us."
He added, "Foyles is 114 years old, but everything we do is in that enterprising and innovative spirit of our founders. While the announcement that we've made a profit for the second year in a row is undoubtedly good news, we are aware we still have a lot of work to do."