Indigo narrows firstquarter loss as its general merchandise sales grow

TORONTO – Indigo Books & Music Inc. (TSX:IDG) tightened losses by more than 35 per cent in the first quarter as it further grew its general merchandise business.The Toronto-based retailer, which has been putting more emphasis on stationary and home decor items, reported a net loss of $9 million for the quarter ended June 27, or 35 cents per share.That compared to a loss of $14 million, or 55 cents per share, in the same period a year ago.Overall, revenue climbed to $189.4 million from $180.8 million in the same period of last year.About 66 per cent of sales came from books and other print products like magazines and newspapers, while nearly 31 per cent was from its general merchandise, which includes its lifestyle, paper and toys business.Online sales through the Indigo website grew 18.2 per cent to $24 million in the period.Chief executive Heather Reisman said in a statement that the improvement confirms that the company’s strategy is moving in the right direction.Indigo Books & Music operates 90 large format stores under the Chapters and Indigo banners, as well as 126 smaller locations with names like Coles, Indigospirit and SmithBooks. During the quarter it closed one large format location and one of its smaller stores. Indigo narrows first-quarter loss as its general merchandise sales grow by The Canadian Press Posted Aug 4, 2015 3:20 pm MDT Last Updated Aug 4, 2015 at 4:00 pm MDT AddThis Sharing ButtonsShare to TwitterTwitterShare to FacebookFacebookShare to RedditRedditShare to 電子郵件Email

Leave a Reply

Your email address will not be published. Required fields are marked *