Booktopia cashflow improves despite lean months
Booktopia Group says it has delivered a positive cash flow of $781,000 in the March quarter, thanks to cost-saving and efficiency efforts.
The positive cash flow came despite what is traditionally a relatively lean trading period in line with the softer performance of the book market at the start of the calendar year and a quieter season for consumer goods retailers, following the Black Friday, Cyber Monday, and Christmas sales events.
The company said conditions remain challenging due to economic conditions and the persisting soft performance of the book market, noting that students at the tertiary level continue to make cost-conscious decisions around their learning materials amid the academic season.
During the period, Booktopia continued to roll out its Customer Fulfilment Centre initiatives to improve operational efficiencies.
The company said it continues to realise savings from previous restructures which slashed office employment costs by 34 per cent or $2.2 million in the fiscal third quarter, compared to the year-ago period.
Booktopia is continuing a strategic review of the business, which is expected to be completed before the end of the fiscal year.
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