TORONTO — Indigo Books & Music Inc. reported a larger net loss and a nearly 30 per cent drop in revenue in its most recent quarter.
The book retailer recorded a net loss of about $31.6 million for the 13 weeks ended June 27 compared to a net loss of about $19.1 million in the same quarter the previous year.
That amounts to a loss of $1.15 per common share for the first quarter compared to a loss of 69 cents per share in 2019.
The Toronto-based company’s revenue fell to $135.1 million from $192.6 million as its stores were closed for the majority of the first quarter due to COVID-19.
With stores closed, the retailer’s online revenue jumped 214 per cent compared to the same time the previous year.
The company says it reduced discretionary spending and its workforce during the quarter, and closed on a $25-million, interest-free revolving credit facility this month from a company controlled by Gerald Schwartz, a controlling shareholder of Indigo.
This report by The Canadian Press was first published Aug. 6, 2020.
