Online sales bring Indigo revenue to $ 238.8 million in second quarter, above pre-pandemic levels

TORONTO – Book and lifestyle retailer Indigo Books and Music Inc. says an increase in online shopping helped revenue surpass pre-pandemic levels in its final quarter.

The Toronto-based company said revenue for the quarter ended Oct. 2 was $ 238.8 million, up from $ 205.3 million in the second quarter of 2020 despite occupancy constraints in several key markets.

Indigo says the revenue improvement comes from its e-commerce business, which grew 85% from the previous year quarter.

While in-store retailing remains difficult, he says customers who have come to shop have demonstrated a strong commitment to books and have responded positively to his other offerings.

Net income was $ 3.5 million or 13 cents per share, compared to a net loss of $ 17.5 million or 63 cents per share.

The company says it received a one-time payment of $ 17 million following the renegotiation of its partnership with Starbucks, with 36 cafes continuing to operate in its stores.

“Our customers are clearly showing a positive response to all aspects of our omnichannel approach, generating second quarter revenue well above pre-pandemic levels,” said CEO Heather Reisman.

This report by The Canadian Press was first published on November 9, 2021.

Companies in this story: (TSX: IDG)

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David A. Albanese