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Customers browse at a Chapters/Indigo store. (Sami Siva)
Customers browse at a Chapters/Indigo store. (Sami Siva)

Higher sales elevate Indigo Books profit Add to ...

Indigo Books and Music Inc. said Monday its profits in its latest financial year were up compared with a year ago, helped by higher sales.

The book retailer said it earned $34.9-million, or $1.39 per diluted share, for the financial year ended April 3 compared with a profit of $30.7-million, or $1.21 per diluted share, the previous year.

Revenue totalled $968.9-million, up from $940.4-million.

Comparable store sales at Indigo and Chapters superstores gained 0.6 per cent, while Coles and Indigo Spirit stores saw a 2.2 per cent drop.

Indigo's sales online were down 4.8 per cent.

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"We are pleased with our bottom line improvement, particularly since we invested significant capital and operating expense in Kobo, our digital reading initiative," chief executive officer Heather Reisman said in a statement.

"The last quarter was a challenging one for us, with no blockbuster hit to compete with last year's over-the-top success of Stephanie Meyer. Our store traffic was also down materially during the two weeks of the Olympics as Canadians stayed home to cheer on our athletes."

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