Boqii Registers 2% Top-Line Decline In Q1

Boqii Holding Ltd BQ reported a first-quarter FY23 sales decline of 2.1% year-on-year to RMB315.1 million ($47.04 million), marginally beating the consensus of $46.91 million.
The gross profit grew 25.3% to RMB70.7 million ($10.5 million), and the gross margin expanded 490 basis points to 22.4%.
Operating expenses for the quarter decreased 17.7% to RMB80.6 million.
The operating loss for the quarter was RMB(9.8) million or $(1.5) million versus RMB(41.5) million last year.
Total gross merchandise value (GMV) for the quarter decreased 7.7% Y/Y to RMB731.5 million ($109.2 million).
Active buyers rose 11.4% Y/Y to 1.8 million.
The company held RMB247.4 million or $36.9 million in cash and equivalents as of June 30, 2022.
EBITDA loss for the quarter narrowed to RMB(9) million from a loss of RMB(35.6) million last year.
Loss per share was RMB(0.18) or $(0.03) for the quarter.
Price Action: BQ shares are trading higher by 3.52% at $1.47 on the last check Thursday.