Indigo Has Second Quarter Profit
by Joshua Kerbel -- Publishers Weekly, 11/1/2007 6:52:00 AM
Indigo Books & Music Inc. reported net earnings for the second quarter ended September 29 increased to C$3.3 million ($3.5 million), compared to a loss of C$1.0 million in the same quarter a year earlier, on revenues of C$209.2 million ($219 million), an increase of 14.8%. The overall sales increase was led by a 50.3% increase through its e-commerce site, chapters.indigo.ca, while sales at its superstores rose 10.2% and sales through small format outets rose 10.7%. Sales were driven Harry Potter and the Deathly Hallows. Excluding Hallows, revenue for the quarter was up 7.1% in Indigo and Chapters superstores and 6.4% in Coles small format stores, while sales from Indigo's online channel grew 14.9%.
The company also announced it will open eight new superstores over the next 18 months and will “significantly” expand the number of toys it carries in its superstores.
For the first half of the fiscal year, revenue rose 11.9%, to C$394 million, and the retailer had a C$499,000 profit compared to a loss of C$6.8 million last year.
