The e-retailer reports a $126 million net loss, stemming from a $640 million year-over-year increase in spending in the quarter on technology and content ...
Indigo Books & Music reported a gain of 27.2% in web sales for the third quarter. For Q3, Indigo posted web sales in U.S. dollars of $30.9 million vs. $24.3 million in Q3 2007.
Indigo Books & Music Inc. is reporting a gain of 27.2% in web sales for the third quarter. For the quarter, Indigo posted web sales of $30.9 million vs. $24.3 million in Q3 2007. The sales figures are in U.S. dollars. In Canadian dollars, web sales rose by 8.4% to $31 million from $28.6 million in the third quarter of fiscal 2007.
In U.S. dollars, the web represented 12% of total sales of $261.6 million. In Canadian currency, Indigo, No. 140 in the Internet Retailer Top 500 Guide, posted third quarter net earnings of $49.2 million on revenue of $322.6 million, compared with net earnings of $40.9 million on sales of $320.5 million in the prior year.
“We were satisfied with the results given the headwinds we faced on a number of fronts: an unprecedented rise in the Canadian dollar, no blockbuster hits and a particularly tough season for weather,” says Indigo CEO Heather Reisman. “We, along with our publishers, offered significant discounts on books to bring Canadian prices more in line with those in the U.S.”
In the third quarter, Indigo reports that its online community, which launched in October, now has more than 75,000 members. The platform combines social networking functionality with content and tools designed for book lovers.