TORONTO – Indigo Books & Music Inc. reduced its net loss in the fourth quarter as doubling online sales offset the impact of massive store closings due to government-imposed closures.
The Toronto-based retailer said it lost $ 39.5 million for the quarter ended April 3, down from a loss of $ 171.3 million a year earlier when it suffered significant depreciation and charges from deferred tax.
Revenue rose 11.7 percent to $ 199 million, from $ 178.1 million in the fourth quarter of 2020.
For the full year, Indigo lost $ 57.9 million or $ 2.09 per share, compared to a loss of $ 185 million or $ 6.72 per share in 2020.
Revenue fell 5.5 percent to $ 904.7 million from $ 957.7 million.
Key markets like the Greater Toronto Area were affected for about six months, including the holiday season.
“This sustained acceleration in e-commerce presents an extraordinary opportunity for Indigo,” said CEO Heather Reisman. “The new initiatives we’re embarking on, from assortment expansion to transforming a truly omnichannel retailer, strategically align the business to drive profitable growth. “
This report by The Canadian Press was first published on June 1, 2021.
Companies in this story: (TSX: IDG)