Indigo Loss Narrows in Quarter

By Josh Kerbel -- Publishers Weekly, 7/31/2008 7:49:00 AM

Indigo Books & Music Inc. reported that the company's net loss for the first quarter ending June 28, 2008 fell to C$1.3 million from C$2.8 million during the same quarter last year.

In an environment of decreasing retail book prices, total revenue for the quarter increased 3.1% to C$191 million (!86 million), with the strongest year over year growth coming from the company's online channel, which grew 7.7% to C$21 million. Year over year growth of brick and mortar sales channels was a little lower with superstores posting 3.3% growth and Coles small format stores up 5.4%.

Commenting on the results, CEO Heather Reisman said, "We are pleased that consumers continue to respond to lower book prices by buying and reading more."