Booktopia picks up the pace as sales surge in 2021

Booktopia picks up the pace as sales surge in 2021

Australian book lovers have turned in droves to online retailer Booktopia (ASX: BKG) in 2021 with sales piling up like novels on bedside tables.

It was to be expected that December half results would have risen given the tectonic shift in online purchasing patterns, people spending more time at home and the busy Christmas period, but that momentum failed to drop off in the March quarter.

In fact, the year-on-year sales increase was higher by two percentage points at 53 per cent, reaching $65 million.

Meanwhile, underlying EBITDA soared by 267 per cent to $4.2 million.

The Australian-founded, Sydney-based company shipped 2.11 million units per month on average in the nine months to 31 March, representing a spike of 41 per cent.

Booktopia chief executive officer and co-founder Tony Nash notes the previous corresponding quarter was the first trading period impacted by widespread lockdowns and the rapid growth of e-commerce.

"It is promising to see the changes in consumer behavior that marked that period continue into the new year despite the absence of long-term lockdowns," he says.

"Millions of Australians have now been introduced to the world of e-commerce and will continue to appreciate the convenience and value presented by online shopping.

"We expect demand to continue to grow for the foreseeable future as the overall market for online books grows and we continue to take more market share."

The company says the results mean it is on track to achieving its upgraded FY21 revenue forecast of $217.6 million and an underlying EBITDA of $12.9 million, representing lifts on original prospectus forecasts of 6.4 per cent and 36.3 per cent respectively.

Never miss a news update, subscribe here. Follow us on LinkedIn, Instagram and Twitter.

Business News Australia

Help us deliver quality journalism to you.
As a free and independent news site providing daily updates
during a period of unprecedented challenges for businesses everywhere
we call on your support

How P2C can help retailers maintain brand loyalty amid the supply chain crisis
Partner Content
With the ongoing supply chain crisis expected to continue throughout 2022, retailers ar...
Productsup
Advertisement

Related Stories

ACTU claims free test request "reasonable", but employer body deems strike threats inappropriate

ACTU claims free test request "reasonable", but employer body deems strike threats inappropriate

With workplaces nationally fighting fires across multiple fronts as...

Consumer confidence drops to lowest level since October 2020

Consumer confidence drops to lowest level since October 2020

Consumer confidence usually rises in January, but not this year as ...

Brian Hartzer-helmed fintech Beforepay dives 42 per cent on ASX debut

Brian Hartzer-helmed fintech Beforepay dives 42 per cent on ASX debut

Today’s debut of ‘Pay on Demand’ platform Beforep...

Bod to launch UK clinical trial into medicinal cannabis efficacy on long COVID

Bod to launch UK clinical trial into medicinal cannabis efficacy on long COVID

With an estimated 1.3 million people in the United Kingdom sufferin...