Indigo Books & Music Inc. (TSX: IDG), Canada's largest book retailer, reported gains in net revenue and net earnings for its first quarter ending June 28th, 2008.
Notwithstanding continuing decreases in retail book prices, total revenue for the quarter increased 3.1% to $191 million. On a comparable store basis, Indigo and Chapters superstores posted 3.3% growth, while Coles small format stores were up 5.4%. Sales from Indigo's online channel, chapters.indigo.ca, grew 7.7% to $21 million.
The Company's net loss for the first quarter was $1.3 million, reduced from $2.8 million during the same quarter last year.
Commenting on the results, CEO Heather Reisman said "We are pleased that consumers continue to respond to lower book prices by buying and reading more."
Also in the quarter, Chapters and Indigo were deemed Canada's highest rated retail brands by consumers in the well regarded Kubas Major Market Retail Report for 2008.
Additionally, the Indigo Love of Reading Foundation granted $1.5 million in literacy funding to 20 high needs elementary schools across the country bringing total donations to-date to $6 million across 50 schools. -- www.cnxmarketlink.com
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