Inside the Australian and New Zealand book industry

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Canada’s Indigo Books & Music reports highest ever revenue

Canada’s largest bookselling chain Indigo Books & Music has recorded its highest ever total revenue of C$1.02bn (A$1.02bn), reports Publishers Weekly.

The figure is up 2.6% on the previous year, while net earnings before tax was up from C$22.1m to C$29m. The growth was driven by strong sales of general merchandise, particularly toys and lifestyle products. Book sales were described as ‘solid’, with the popularity of Harry Potter and the Cursed Child offsetting the drop in sales of adult colouring books.

The chain also opened its first concept store in Toronto at the beginning of this year, which it described as a ‘cultural department store for booklovers’. It plans to expand the number of these stores this year.

CEO Heather Reisman said the company ‘is delighted to report our highest revenues ever in what was a tough year for many retailers’. ‘We believe this is a direct result of Indigo’s efforts to innovate and to provide our customers with exceptional products and an inspiring shopping experience both in our stores and online,’ said Reisman.

 

Category: International news