Australian retailer Booktopia announced commitments to raise $6.5 million from a big new share issuance, with a price of .12 cents per share, which will predominantly be used to fund a new distribution center. The “Next Gen customer fulfillment center” is expected to be operational in late August. “After two years of losses, completing the Next Gen CFC and with the other business improvement initiatives already announced will reset the cost base of the business,” Booktopia chair Peter George said in a release. The company expects EBITDA loss for fiscal year 2023 to be $5 million, compared to a profit […]
Booksellers
February Cyber Attack Hits Indigo’s Results
Canadian bookseller Indigo released results for “a rollercoaster year,” ended April 1. Sales for the year were flat at $1.058 billion, compared to $1.062 billion a year ago, challenged by a ransomware attack in February and “diminishing consumer confidence” caused by inflation. Adjusted EBITDA was a loss of $(20.5) million, compared to $32.5 million in 2022, and the company reported a net loss of $(49.6) million, compared to last year’s net earnings of $3.3 million. On their own, fourth quarter sales were down 12 percent to $194.2 million, with a net loss of $(42.5) million, compared to a $(23.4) loss […]
WH Smith Bookstores Up 2 Percent
UK retailer WH Smith reported results for the 13 weeks ended May 27 in a brief trading update, with High Street sales up 2 percent. Overall company sales rose 23 percent, driven by travel division gains of 31 percent. Travel stores in North American grew 26 percent as passenger numbers rebounded and the company opened new locations. Results
WH Smith Celebrates Only Small Declines at Their Bookstores
With WH Smith’s High Street bookstores in a long, steady decline, the parent company’s earnings report for the first six months shows only light falloff from last year’s comps. Sales of £266 million were down just £4 million from the same period a year ago, with trading profit of £24 million down £2 million. The company noted a “good performance in books, supported by Prince Harry’s autobiography Spare” and “a good performance from Mother’s Day across our stores and digital channels.” There is no expectation of growth; the company has consistently focused on wringing cash out of the bookstore business: […]
Indigo’s Holiday Sales Offset Soft Start to the Quarter
Indigo reported fiscal third quarter earnings at the close of trading yesterday, one day after experiencing a cyber incident on Wednesday that continues to shut down the company’s website and all electronic in-store sales. Sales were $422.7 million, down 1.9 percent from $430.7 million last year. Adjusted EBITDA was $40.8 million, down from $52.0 million, due to inflation, increased supply chain costs, and the company’s “investment to support modernized ecommerce technology.” Holiday sales offset a quieter start to the quarter, as consumers were cautious with spending and waited for Black Friday deals. Net earnings were $34.3 million, compared to $45.1 […]
WH Smith Gains in Airport Stores, As High Street Still Slides Further
WH Smith released a trading report for the 20 weeks ended January 14, with sales up 41 percent over last year and 20 percent over 2019, driven by the continuing recovery in their travel stores. High Street sales, however, continued their long fade; revenues were down 2 percent from 2022, and 14 percent from 2019, which the company called as ever “a good performance, in line with our expectations.” Sales in the Travel segment were up 77 percent over last year and 48 percent from 2019. The company has opened 40 new stores so far this year, with 37 set […]