Indigo reports lower sales, net loss in second quarter as customers cut back

TORONTO – Indigo Books & Music Inc. reported a net loss of $22.4 million in its second quarter, compared with a net loss of $15.9 million a year earlier.

Revenue for the Toronto-based retailer totalled $206.9 million, down from $236.2 million a year earlier.

The company says it lost 80 cents per diluted share for the quarter ended Sept. 30, compared with a loss of 57 cents during the same quarter last year.

Indigo says sales in person and online were negatively impacted by the challenging macro-economic environment, with reduced demand and heightened price sensitivity among shoppers.

The company says these challenges were compounded by temporary disruptions from the launch of its new website.

CEO Heather Reisman, who recently returned to the helm of the company, says her team is committed to returning Indigo to profit and growth.

This report by The Canadian Press was first published Nov. 7, 2023.

Companies in this story: (TSX:IDG)

Note to readers: This is a corrected story. An earlier version incorrectly stated the company’s revenue.