Indigo Books & Music reported gains in sales and earnings in the fiscal year ended March 31, 2018, over fiscal 2017.
Revenue rose 5.8%, to C$1.01 billion, and net earnings increased by a slightly lesser amount, rising 4.3%, to C$21.8 million.
Indigo reported that comparable store sales for both online and physical stores increased 6.2% in the year over fiscal 2017. The revenue growth was driven, Indigo said, “by continued double-digit growth in general merchandise, most notably lifestyle products and toys, while book sales experienced a slight decline cycling over the blockbuster release of Harry Potter and the Cursed Child last year.”
Indigo CEO Heather Reisman observed that fiscal 2018 “was the biggest year in our history,” adding that the fourth quarter was “the eighteenth straight quarter of comparative growth.”
Reisman once again touted the decision to “create a book lover's cultural department store” as a key to Indigo’s overall success. During the year, nine stores were converted to the cultural store concept. Indigo cited continuing to invest in redeveloping its stores and improving its supply chain as a reason why earnings growth was slower than revenue gains in fiscal 2018. But Reisman said more investment in the business is planned.
One piece of Indigo’s expansion effort is opening its first retail store in the United States. Originally slated to be opened in New Jersey this summer, plans now call for opening the outlet in the fall.