TORONTO — Indigo Books & Music Inc. trimmed its losses and increased revenues in its second quarter on strong online growth.
The Toronto-based retailer says it lost $17.5 million or 63 cents per share for the three months ended Sept. 26, compared with a loss of $20.5 million or 74 cents per share a year earlier.
Revenues increased by almost one percentage point to $205.3 million from $203.4 million.
Indigo attributed the gain to a more than doubling of its online channel, with growth of 113.6 per cent, buoyed by interest in core categories of reading, wellness, at-home learning and entertainment.
The retail store network says it is recovering but is still below normal levels after facing closures to stop the spread of COVID-19.
With no outstanding debt and a cash balance of $137.5 million, Indigo says it is positioned to “manage through these very uncertain times.”
“Our team has put out extraordinary effort over the last eight months and meaningfully pushed our business forward notwithstanding the challenges of operating in a COVID environment,” stated CEO Heather Reisman.
This report by The Canadian Press was first published Nov 3, 2020.
Companies in this story: (TSX:IDG).
The Canadian Press