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Indigo Sees Another Quarterly Sales Drop

From Publishers Weekly:

Sales at Indigo, Canada’s leading book retailer, continue to slide. The company reported a total comparable sales decline of 7.6% for the first quarter of its current 2020 fiscal year compared to a year ago, a figure that covers both physical and online sales. Revenue for the first quarter ended June 29, 2019 was C $192.6 million compared to C $205.4 million for the same period last year, a decline of 6.3%. In the last quarter of fiscal 2019, ended March 30, 2019, revenue fell 7.4% compared to the final quarter of fiscal 2018 and comp store sales dropped 8.7%.

Overall, the company reported a first quarter loss of C$19.1 million up from a net loss of C$15.4 million last year.

The sales decline was blamed in part on a “reduction in promotional activity,” while the higher loss was pinned on the decline in sales combined with ongoing restructuring and renovation costs.

CEO Heather Reisman said: “This quarter’s results were in line with our expectations. While we continue to face many of the same headwinds from last year, strategic steps to recharge growth, increase productivity and improve profitability are well underway.”

. . . .

What specific “headwinds” Reisman is referring to was unclear, though as has been noted, the dearth of new bestselling titles may be contributing to the overall fall off in sales.

Link to the rest at Publishers Weekly

 

Bookstores, Non-US

2 Comments to “Indigo Sees Another Quarterly Sales Drop”

  1. They just shut down a bookstore in a popular shopping and entertainment district in my city, very close to a major university.. Not a good omen.

  2. The Canadian economy is in the dumpster, overall. I believe they lost 20k jobs last reporting period, which would be like the US losing 700k. If they can’t screw us over with tariffs and cheap Chinese steel/aluminum, they are in the crapper.

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