Indigo Books & Music Inc. can thank Harry Potter for a financial bonanza in the second quarter.
For the second quarter, Indigo reported web sales in U.S. dollars of $28.8 million, an increase of 85% from web sales of $15.5 million in the prior year. Without the benefit of “Harry Potter and the Deathly Hallows,” Indigo’s online revenue would only have risen by 15% to $17.8 million in U.S. dollars.
Overall for Q2 Indigo, No. 140 in the Internet Retailer Top 500 Guide, reported net income of $3.6 million on sales of $228.1 million vs. a net loss of $1 million on revenue of $199.2 million in the prior year. The figures are in U.S. dollars.
“Canadian book lovers continue to show us their passion for books, and our results also point to their appreciation for our other product lines such as lifestyle gifts and kids toys,” says CEO Heather Reisman. “The release of ‘Harry Potter and the Deathly Hallows’ was clearly a major event for us in the quarter, but even without this blockbuster book our results were strong.”