Indigo Books and Music Inc. says it lost $25.4 million in the 13 weeks ended July 2, despite double-digit sales growth in both the print and general merchandise categories.
Canada’s largest books and lifestyle retailer says its net loss for the first quarter of its fiscal 2023 is 91 cents per basic common share, compared to a net loss of $21.9 million, or 79 cents per basic common share, for the same period year ago.
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Indigo attributed the loss to macroeconomic conditions, including supply chain disruptions, higher freight costs and inflationary pressures.
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The company says its first-quarter loss also reflects the federal government’s termination of Canada’s emergency wage subsidy and Canadian emergency rent subsidy.
External financial support for COVID-19 decreased to $1 million year-over-year in the quarter from $7.3 million due to the termination of these programs.
According to Indigo, revenue for the quarter increased $32.5 million, or 18.9 percent, to $204.6 million, beating the company’s peak performance in the first quarter of the previous three fiscal years.
© 2022 The Canadian Press
https://globalnews.ca/news/9052373/indigo-2nd-quarter-loss/ Indigo Reports $25.4M Loss in Q2 Citing End of COVID Support and Inflation – National