TORONTO — Indigo Books & Music Inc. reported a net loss of $20.5 million for its most recent quarter as revenue declined from the comparable period last year.
The book retailer says its loss of 74 cents per common share compared to a net loss of $19.1 million or 70 cents per share in the same period the previous year.
Its revenue for the quarter ended Sept. 28 totalled $203.4 million — down from $216.3 million in the second quarter of the previous year.
Indigo says its revenue fell amid strong competitive pressures and its decision to reduce promotions to boost profits.
Comparable same-store sales, a key retail metric, fell eight per cent for the second quarter.
Indigo, which launched an initiative to cut $20 million to $25 million in costs at the start of this year, says it reduced expenses by $9 million in the first half of its 2020 financial year.
It says that has been partially offset by other costs, including opening new stores and one-time expenses with moving its New York office to Toronto.
This report by The Canadian Press was first published Nov. 6, 2019.
Companies in this story: (TSX:IDG)
The Canadian Press