Australia's Booktopia tumbles to record low on weak earnings, flagging loss

Booktopia

03/05/2022 06:49

** Shares of online books retailer Booktopia  BKG.AX  slide
as much as 26.4% to a record low of A$0.46 after flagging a loss
for the year
    ** Adds that a penalty from the country's competition
regulator from ongoing proceedings https://www.accc.gov.au/media-release/booktopia-in-court-for-alleged-false-or-misleading-claims-on-refund-rights
 against it for alleged "false or misleading representations"
related to refunds, among others, may also impact earnings
 urn:newsml:reuters.com:*:nGLF2cS8N5 
    ** Booktopia's chief executive Tony Nash also steps down
from role, but will remain a senior executive and director 
    ** Reports 65% fall in Q3 EBITDA to A$1.5 million ($1.07
million) due to a continued higher cost base, lower academic
book sales which it attributes to fewer students beginning
university due to a strong job market 
    ** Expects revenue growth to A$242 million for the year, up
from A$223.9 million last year
    ** Stock records worst intraday session ever 
    ** Trading volumes are over 21 times the 30-day average,
with about 848,000 shares traded so far 
    ** Stock down by over half YTD, as of last close 


($1 = 1.4065 Australian dollars)

 (Reporting by Harshita Swaminathan)
 ((Harshita.Swaminathan@thomsonreuters.com))