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Booktopia reports full-year loss of $29 million

Pureplay retailer Booktopia says a challenging economic climate coupled with the impacts of its transition to its new customer fulfilment centre (CFC) resulted in a loss of $29 million in FY23.

Sales for the year to June 30, fell 18 per cent to $197.6 million while underlying EBITDA declined 173 per cent to $4.6 million.

The average order value grew 4.9 per cent to $79.29 while the average units shipped fell 19.6 per cent to 6.83 million.

Earlier this year, the company implemented a number of cost rationalisation and margin optimisation measures to help manage economic headwinds in its cost base.

Meanwhile, the group’s new CFC – which is operational now – is expected to improve efficiencies, reduce operational costs and support growth.

Booktopia CEO David Nenke said in the next financial year, the business will focus on excelling in key areas that enable the group to stand out in the market.

“Our recent equity raise of $10.9 million, has provided further working capital, helping to increase available inventory for the important Christmas period as well as contribute to the successful transition to our new CFC.

“We are looking forward to launching a series of additional strategic initiatives in the coming months, which will expand the unique selection we offer to readers across ANZ, and improve personalisation and the user experience.”

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