WATERSTONES UP 3.3%

UK chain Waterstone's reported sales for the fiscal year of 564 million pounds, up 3.3 percent on a same-store sales basis and 5 percent overall, while income remained flat at 16.3 million pounds.

In the continuing process of absorbing Ottakar's, the chain took a charge of 4.6 million pounds to cover the closure of 11 stores. (Only one new store was opened during the year.)

The company says "the biggest single initiative to help build links with our customers has been the Waterstone's multi-channel loyalty card, which launched in September 2007, and now has 1.5 million cardholders." They also highlight "the successful introduction of new children’s departments and a high quality range of gift stationery into 100 stores, where these new ranges have performed well."

To read the full parent company statement go to the HMV release.