The fiscal year ended June 30, 2022 was an eventful one for Booktopia, Australia’s publicly-traded online book retailer. Sales at the company rose 8%, to A$241 million ($165 million), but EBITDA (earnings before interest, taxes, depreciation, and amortization) fell 54%, to A$6.2 million.
Higher customer fulfillment costs and a handful of one-time items contributed to the earnings drop, Booktopia said. The online retailer incurred restructuring costs of A$1.3 million, which included a small number of layoffs as well as the departure of CEO Tony Nash. The company also generated A$1.7 million in consulting and legal fees associated with exploring possible acquisitions. No deals took place and Booktopia said it “is not actively pursuing any M&A activity while it focuses on improving operational efficiency.”
A final write-off was a A$6 million charge with respect to an agreement Booktopia reached with the consumer regulator regarding the finding that its returns policy was misleading. The fine is payable over a maximum term of five years.
On an operational level, Booktopia said the number of units shipped increased 4% over fiscal 2021, to 8.5 million, and spending per customer order increased 6.4%, to A$134.94.
After the close of the fiscal year, Booktopia signed an agreement to move to a new warehouse.
Citing volatile industry conditions and an uncertain economy, Booktopia did not make a financial forecast for fiscal 2023.