Indigo Books reports $8.2M loss

Indigo Books and Music Inc. (TSX:IDG) said Tuesday it lost $8.2 million in its latest quarter as revenue slipped compared with a year ago.

The book seller said the profit amounted to 33 cents per diluted share for the quarter ended March 30 compared with a profit of $125 million or $5.16 per diluted share a year ago when the company sold its stake in Kobo Inc. to Rakuten.

Indigo reported a loss from continuing operations of $8.2 million or 33 cents per share for the quarter compared with a loss from continuing operations of $10.7 million or 43 cents per share a year ago.

Sales in what was the company's fourth quarter fell to $184.8 million from $195.9 million.

For its full year, Indigo said it earned a profit from continuing operations of $4.3 million or 17 cents per diluted share compared with a loss from continuing operations of $27.8 million or $1.20 per diluted share a year ago.

Sales for the full year totalled $$892.5 million, down from $934 million, due to lower book sales.

On a comparable store basis, Indigo and Chapters superstore sales fell 4.6 per cent, while Coles and IndigoSpirit sales fell 2.4 per cent. Online sales grew one per cent.

Indigo operates under several banners including Indigo Books, Chapters, the World's Biggest Bookstore and Coles.