UK bookseller Waterstones reported results for the fiscal year ending back on April 29, 2017, which the UK media has reported with their customary excess of enthusiasm. What the numbers show is that sales were flat or somewhat down, at £404 million, compared to £409 million in fiscal 2016 (which was an unusual 53-week year). Actual profit after tax of £16 million was down £1.5 million (or 9 percent). But the headlines declare “Waterstones’ annual profits jump 80%.” That’s referring to profit before tax, which indeed was £18 million, up from £9.9 million a year ago. (Last year they captured […]
