Foyles predicts buoyant Christmas trading
Bookseller Foyles has reported net pre-tax profits of £204,681 for the financial year ending 30 June 2011, marking the third year of profitable trading for the company. Turnover fell slightly to £22.8 million, from £23.1 million in 2010.
However, the retailer has expressed "deep concern" about the impact of the development of Tottenham Court Road station near its flagship store in London's Charing Cross Road which has resulted in a "significant decrease in footfall".
Foyles, which has five stores in London, estimates the disruption caused by the works will cost the business £1.5 million on an annualised basis.
Sales last weekend were up 5.8% on last year, as the retailer predicted a strong Christmas trading period.
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