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Indigo reports $25.4 million loss in Q2 due to end of COVID support and inflation

Indigo Books and Music Inc. says it lost $25.4 million in the 13 weeks ending July 2, but printed and general merchandise Both have double-digit sales growth. category.

Canada's largest book and lifestyle retailer posted a net loss of 91 cents per basic common share in the first quarter of fiscal 2023, with a net loss of $21.9 million or 79 cents per share. Underlying common stock for the same period one year ago.

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Indigo believes losses are affected by macroeconomic conditions such as supply chain disruptions, rising transportation costs and inflationary pressures.

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It also reflects the end of Rent subsidy.

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His COVID-19 financial aid from outside increased by 7.3 million year-on-year in the quarter as a result of the end of $ to $1 million of these programs.

Indigo said revenue in the quarter increased $32.5 million, or 18.9%, to $204.6 million, beating the company's first-quarter results in the last three fiscal years.

© 2022 The Canadian Press