Indigo reports $49.6M full-year loss compared with $3.3M profit a year earlier

TORONTO –

Indigo Books and Music Inc. reported a loss of $49.6 million its latest financial year which saw a cyberattack take down its website and payment systems and compromise the personal information of some current and former employees.

The retailer says the loss amounted to $1.78 per diluted share for the 52-week period ended April 1 compared with a profit of $3.3 million or 12 cents per diluted share in the same period a year earlier.

Revenue totalled $1.058 billion, down from $1.062 billion in the prior year.

Indigo also announced the appointment of Donald Lewtas, Joel Silver and Markus Dohle to its board of directors.

Earlier this month, four directors quit the retailer’s board including Chika Stacy Oriuw, who stepped down “because of her loss of confidence in board leadership and because of mistreatment.”

The company also said in the same statement on June 7 that founder and executive chair Heather Reisman, who stepped down as chief executive last year, will retire from the board on Aug. 22.

This report by The Canadian Press was first published June 28, 2023.