Skip to main content
Open this photo in gallery:

Indigo's net loss came in at $19.1 million or 69 cents per common share in the second quarter.Craig Wong/The Canadian Press

Indigo Books & Music Inc. reported a sales drop and a larger net loss for its first quarter.

The Toronto-based company says its revenue totalled $192.6 million for the period ended June 29, down $12.8 million from $205.4 million for the same quarter the previous year.

Comparable sales, including stores and e-commerce, fell 7.6 per cent.

Indigo says the drop in sales is the result of a strategic move to reduce promotional activity in an effort to boost profits and eliminate unprofitable sales.

The bookseller’s net loss came in at $19.1 million or 69 cents per common share in the quarter compared with a net loss of $15.4 million or 57 cents per share in the first quarter of its 2019 financial year.

Analysts surveyed by financial markets data firm Refinitiv expected revenue of $237.2 million, and adjusted net loss of $12.45 million or 46 cents per share. The company didn’t provide an adjusted loss for the quarter.

CEO Heather Reisman says in a statement that the company continues to face many of the same headwinds from last year, but remains confident in the steps it is taking to improve results.

Your time is valuable. Have the Top Business Headlines newsletter conveniently delivered to your inbox in the morning or evening. Sign up today.

Report an editorial error

Report a technical issue

Tickers mentioned in this story

Study and track financial data on any traded entity: click to open the full quote page. Data updated as of 17/05/24 3:55pm EDT.

SymbolName% changeLast
IDG-T
Indigo Books & Music Inc
-0.4%2.48

Follow related authors and topics

Authors and topics you follow will be added to your personal news feed in Following.

Interact with The Globe