Connect with us

Breaking

Indigo narrows Q2 loss to $8.5M, sees growth in revenues on specialty products

Published

on

Facebook photo

Facebook photo

TORONTO — Indigo Books and Music Inc. narrowed its loss to $8.5 million in its latest quarter, boosted by higher revenues and improved margins.

The country’s largest book, gift and specialty toy retailer said the loss amounted to 33 cents per diluted share, compared with a loss of $10.1 million, or 39 cents, in the same period a year earlier.

Strong sales helped push revenues to $189 million for the 13-week period ended Sept. 27. That’s up about five per cent from $179.4 million year over year.

The Toronto-based company said it saw double-digit growth across its lifestyle, paper, toys and electronics divisions, as well as its core trade book business.

buy rotacaps online health.rxbuyonlinewithoutprescriptionrx.net/ no prescription pharmacy

Two American Girl speciality boutiques that were open in the second quarter also contributed to the gain in revenue. A third location was launched at the end of the period in Ottawa.

Sales at Indigo and Chapters rose 9.

buy rifadin online health.rxbuyonlinewithoutprescriptionrx.net/rifadin.html no prescription pharmacy

6 per cent in the period, while sales at Coles and Indigospirit climbed by 2.4 per cent. Online sales grew by 13.4 per cent.

Indigo CEO Heather Reisman said these latest results show that customers are responding to the company’s revamp, which includes operating four fewer superstores and two fewer small format stores this latest quarter compared with the prior-year period.

“These results demonstrate that our customers are responding to the investments we have made to transform Indigo. While we still have a long way to go, we feel energized and are looking forward to a joyful holiday season,” she said in a release.

Indigo is nearing the end of a five-year transformation plan to become what it calls the “world’s first cultural department store” by 2015.

These changes will see the traditional bookseller move into other products such as candles, soaps, jewelry, and educational toys. The company also opened kiosks to sell electronics, including iPads and Apple TV.

It also wants to become a destination for more public speaking engagements and author visits, and has hosted notables like former U.S. secretary of state Hillary Rodham Clinton, Hollywood star and politician Arnold Schwarzenegger, singer-songwriter Paul Anka and tattoo artist and television personality Kat Von D.

Indigo first began making changes to its business model in 2010 as the popularity of ebooks and e-readers, like Amazon’s Kindle and its own Kobo, grew. Indigo sold its remaining share in Kobo Inc. in 2012 to Japan’s Rakuten Inc. in a deal worth US$315 million.

Since then, the bookseller has been struggling against intense competition from the likes of Walmart and Target and online giant Amazon.

Indigo operates stores under the banners Chapters and Indigo, Coles, Indigospirit, SmithBooks and The Book Company.

Continue Reading
Click to comment

Leave a Reply

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

Maria in Vancouver

Lifestyle4 weeks ago

We Are The Sum Of Our Choices

Most people tell me I’m lucky. No, darlings. IT HAS NOTHING TO DO WITH LUCK. I worked hard for most...

Lifestyle2 months ago

Never Settle For Less Than You Are

Before I became a mother, before I became a wife, before I became a business partner to my husband, I...

Lifestyle2 months ago

Celebrating My Womanhood

The month of March is all about celebrating women and what better way to celebrate it than by enjoying and...

Lifestyle3 months ago

Maria’s Funny Valentine With An Ex!

Maria in Vancouver can’t help but wonder: when will she ever flip her negative thoughts to positive thoughts when it...

Lifestyle3 months ago

The Tea on Vancouver’s Dating Scene

Before Maria in Vancouver met The Last One seven years ago and even long before she eventually married him (three...

Lifestyle4 months ago

How I Got My Groove Back

Life is not life if it’s just plain sailing! Real life is all about the ups and downs and most...

Lifestyle4 months ago

Upgrade Your Life in 2025

It’s a brand new year and a wonderful opportunity to become a brand new you! The word upgrade can mean...

Maria in Vancouver5 months ago

Fantabulous Christmas Party Ideas

It’s that special and merry time of the year when you get to have a wonderful excuse to celebrate amongst...

Lifestyle5 months ago

How To Do Christmas & Hanukkah This Year

Christmas 2024 is literally just around the corner! Here in Vancouver, we just finished celebrating Taylor Swift’s last leg of...

Lifestyle6 months ago

Nobody Wants This…IRL (In Real Life)

Just like everyone else who’s binged on Netflix series, “Nobody Wants This” — a romcom about a newly single rabbi...