Australia’s online bookseller Booktopia released a trading update for the quarter ending March 31 showing slower growth and a big drop in earnings, accompanied by an announcement that co-founder Tony Nash will step down as ceo once a replacement is found. Sales of $64.5 million AU were down 1% compared to last year, “due to the disrupted start to the academic year.” EBITDA fell 65 percent to $1.5 million, due to increased operating expenses at its distribution center and the lower academic book sales. “Whilst the company is pleased to see revenues continue to grow and expects that to continue, […]
Booksellers
WH Smith’s High Street Sales Flat While Travel Recovered
UK retailer WH Smith reported six-month results for the period ended February 28. Sales at their High Street bookstores remained flat at the historically low level of £270 million, which had been down (14) percent a year ago compared to before the pandemic, when sales were £315 million (and that period, in turn, was down from £333 million as of February 2019). High Street trading profit was £35 million, up slightly from £33 million last year. The company said, “Our High Street business delivered a resilient and profitable performance in the period, despite the challenges facing the UK high street…and […]
Waterstones Sales Fell 38.5 Percent In Pandemic Year
Waterstones filed their annual report for the fiscal year ending a year ago, as of April 24, 2021, revealing a substantial decline in sales. The company reached sales of only £231 million in the year, down £135 million (or 38.5 percent) from £376 million in the prior year. Operating profit was £13 million (versus £30 million the year before) and profit before tax was £4.17 million (versus £23 million the year before). Those positive margins seem to have come from substantial government support — roughly £41 million during the reported period — and a reduction in force, with the average […]
BNED Reduces Earnings Expectations; Wiley Reports “Strong” Earnings
Barnes & Noble Education reported third quarter earnings for the period ended January 29, with sales of $403 million, down 2 percent from $412 million last year. Net loss was $(36.8) million, down from $(48.3) million last year, and adjusted EBITDA was $(13.1) million, compared to $(20.8) million last year. The Omicron surge caused campuses to delay the start of spring semester classes and/or hold them virtually, leading to lost or delayed sales in the quarter. That led to a reduction in guidance as well: For fiscal 2023 the company expects adjusted EBITDA “to be lower than pre-COVID levels, as […]
Barnes & Noble Education Sees A Glimmer of Reopening
Barnes & Noble Education reported results for the fiscal first quarter, ending July 31, “historically a period of low sales” and seasonal losses. With “the reopening of a majority of its campus stores,” revenues were a little less disastrous than a year ago, when they fell 35 percent. Sales were $241 million for the quarter, recovering $36 million but still well below normal, with a net loss of $(44.3) million, slightly better than the $(46.7) million loss a year ago. That was a little ahead of expectations and shares jumped over 15 percent in the first hour of trading Thursday […]
WH Smith Says Travel Store Sales Are A Little Less Terrible
On the initial close of their fiscal year, UK retailer WH Smith is “encouraged by the improving trends” at their travel stores, which operated at 55 percent of fiscal 2019’s sales in the second half of the year. At their High Street bookstores, results have been flat or slightly declining during the fiscal year: The first quarter was up to 88 percent of pre-pandemic 2019 sales; Q2 was at 84 percent; and the second half was at 85 percent, but the most recent 8 weeks were are 84 percent. The company says, “We continue to focus on the return on […]