Indigo Books and Music has reported in their yearly financial results that their revenue declined 5.5% and generated revenue of $904.7 million compared to $957.7 million last year. The time period of this revenue was from March 28, 2020 to April 3, 2021, so basically they did well, all things considered. The vast majority of their stores were completely shut down in 2020 and Indigo had strong holiday sales.
Commenting on the results, CEO Heather Reisman said: “This sustained acceleration in e-commerce presents an extraordinary opportunity for Indigo. The new initiatives we are embarking on, from further assortment expansion to becoming a truly omni-channel retailer, strategically align the business to deliver profitable growth. With the welcome of our new President, Peter Ruis, these efforts strongly position us to build upon the hoped-for COVID-19 recovery in fiscal 2022.”
Indigo is in a good position to have a very solid 2021. Many of their bookstores all over Canada are reopening, although customers still have to wear a mask, even if fully vaccinated. The bookseller has no outstanding debt and a cash balance of $84.9 million, they continue to be well positioned to manage through these uncertain times.
Michael Kozlowski has been writing about audiobooks and e-readers for the past twelve years. His articles have been picked up by major and local news sources and websites such as the CBC, CNET, Engadget, Huffington Post and the New York Times. He Lives in Vancouver, British Columbia, Canada.