TORONTO — Indigo Books & Music Ltd. says it lost $28.5 million in its first quarter, compared with a loss of $25.4 million in the same quarter last year.
The Toronto-based retailer says revenue for the quarter ended July 1 was $179.2 million, down from $204.6 million last year.
Indigo says sales for the quarter were negatively affected by carryover effects from the ransomware attack it suffered in the previous quarter.
The company says its ability to replenish inventory was challenged, which impacted its retail and online assortment, and the attack also affected its search engine optimization, leading to lower online sales.
It says sales were also affected by the downward pressures of the current economy, leading to softer demand and increased price sensitivity among consumers.
The loss per diluted share amounted to $1.02, down from a loss of 91 cents a year ago.
This report by The Canadian Press was first published August 10, 2023.
Companies in this story: (TSX:IDG)
The Canadian Press
