Book retailer Waterstones has reported a significant profit increase, rising from GBP12m in the financial year ending April 2023 to GBP32.8m in the 2024 financial year, book trade news company The Bookseller revealed on Wednesday.

Annual sales grew 17%, reaching GBP528.4m compared to GBP452.5m the previous year.

Accounts for the 52 weeks ending 27 April 2024 highlight growth in both physical stores and online channels. Footfall and sales surged in London and major city centres as office workers returned and tourist activity increased.

Strong publishing performance contributed to the retailer's success, with a diverse range of bestselling titles, including the unexpected hit Murdle.

Eight new branches were opened during the year, while four were closed, leaving Waterstones with a total of 317 stores.

A spokesperson was quoted as stating that "Waterstones has continued to enjoy good sales in the current financial year and starts 2025 benefiting from a notably strong publishing line-up."