June 1, 2021 / 273 Comments / Current Events

TORONTO — Indigo Books & Music Inc. trimmed its net loss in the fourth quarter as a more than doubling of online sales offset the impact of extensive store closures due to government-mandated lockdowns.

The Toronto-based retailer says it lost $39.5 million for the three months ended April 3, compared with a loss of $171.3 million a year earlier when it took large impairment and deferred tax charges.

Revenues increased 11.7 per cent to $199 million from $178.1 million in the fourth quarter of 2020. 

For the full-year, Indigo lost $57.9 million or $2.09 per share, compared with a loss of $185 million or $6.72 per share in 2020. 

Revenues fell 5.5 per cent to $904.7 million from $957.7 million.

Key markets like Greater Toronto Area were impacted for around six months, including over the holiday period.

“This sustained acceleration in e-commerce presents an extraordinary opportunity for Indigo,” stated CEO Heather Reisman. “The new initiatives we are embarking on, from further assortment expansion to becoming a truly omni-channel retailer, strategically align the business to deliver profitable growth.”

This report by The Canadian Press was first published June 1, 2021.

Companies in this story: (TSX:IDG)

The Canadian Press

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