TORONTO — Books and lifestyle retailer Indigo Books and Music Inc. reported increased revenue and reduced loss for its first quarter compared with the same period last year as its stores began to reopen from pandemic-related restrictions.
The Toronto-based company reported a revenue of $172 million for the three months ended July 3.
That compares to a revenue of $135 million in the same quarter last year.
Indigo reported a net loss of $21.9 million this quarter, compared to a net loss of $31.6 million in the same quarter last year.
The company noted the improved performance came despite continued closures during period in Ontario, where 50 per cent of Indigo's locations are located.
CEO Heather Reisman said the financial results point to the beginning of a recovery in retail as the economy reopens.
"Our strong first quarter sales performance reflects the beginning of a welcomed recovery in retail, the continued strength of online and the Indigo brand in general," said Reisman.
"In addition, it is a testament to our teams' successful management of store re-openings for over half our retail fleet and thoughtful inventory management."
This report by The Canadian Press was first published Aug 12, 2021.
Companies in this story: (TSX:IDG)
The Canadian Press