June 2, 2010, 3:13 PM

Indigo closes the books on a tough fiscal 2010

Web sales in the Q4 and the full year declined 3.3% and 5.4%, respectively.

Indigo Books & Music Inc. has closed the books on a tough year for its online channel.

 For the 2010 fiscal year ended April 3, Indigo, No. 161 in the Internet Retailer Top 500 Guide, reported:

  • Web sales declined 5.4% to $C90.07 million (US$86.33 million) from $C95.23 in fiscal 2009 (US$90.64 million).
  • Total sales increased 3% to $C968.92 million (US$921.99 million) from $C940.40 (US$895.01 million).
  • Super store comparable-store sales increased 0.6%.
  • Small format comparable-store sales decreased 2.2%.
  • Net earnings increased 13.7% to $C34.9 million (US$33.23 million) from $C30.7 million (US$29.23 million).

 “We are pleased with our bottom line improvement, particularly since we invested significant capital and operating expense in Kobo, our digital reading initiative,” says CEO Heather Reisman. “We are also very pleased with the growth in our lifestyle and toy businesses, which allowed us to report top-line growth against a year which included phenomenal sales from Stephanie Meyer’s Twilight series. This confirms that our strategy of enriching our assortment is being well accepted by our customers.”

 Internet Retailer calculates the web accounted for 9.3% of total sales in fiscal 2010 compared with 10.1% in the prior fiscal year.

 For the fourth quarter, Indigo also recorded:

  • Web sales declined 3.3% to $C22.34 million (US$21.23 million) from $C23.10 million (US$21.95 million) in the fourth quarter of fiscal 2009.
  • Total sales increased 6.4% to $C228.20 million (US$216.88 million) from $C214.50 (US$203.86 million) in the fourth quarter of fiscal 2009.
  • Super store comparable-store sales decreased 2.7%.
  • Small format comparable-store sales decreased 5.8%.
  • Net earnings declined 73.7% to $C500,000 (US$475,357) from $C1.9 million (US$1.80 million) in the fourth quarter of fiscal 2009.

 Internet Retailer calculates the web accounted for 9.8% of total sales in the fourth quarter, compared with 10.8% in the prior year period.

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