Indigo CEO calls 2023 a ‘challenging’ year as revenues down in third quarter
Global News
Heather Reisman described 2023 as a year marred by "disruptions", including a ransomware attack and a "challenging" economic environment.
Indigo Books & Music Inc.’s chief executive says the retailer’s last year has been “challenging” and it could be a while until its financial results recover.
Speaking Friday on an analyst call, Heather Reisman described 2023 as a year marred by “disruptions” — a ransomware attack that downed its e-commerce operations for a lengthy period, the “premature” launch of a new platform meant to replace it, the overbuying of some merchandise and a “challenging” economic environment.
These events sent Indigo’s third-quarter profits into a tailspin, dropping roughly 70 per cent to $10 million from $34.3 million a year earlier.
Revenues for the quarter ended Dec. 30 were $370.6 million, down from $422.7 million during the same quarter in 2022. Earnings per diluted share were 35 cents, down from $1.22.
Such numbers have made the transformation plan Indigo began last year even more critical. Reisman said steps to advance that plan were carried out during the quarter.
“We made the decision to rightsize and rightshape our general merchandise inventory,” she said.
“This strategic decision to clear unnecessary inventory had a significant impact on margins and therefore profitability, but it was the right decision.”
Chief financial officer and chief operating officer Craig Loudon said that meant Indigo relied more on discounting, which lowered sales figures.
A new report finds anglophones face higher unemployment and lower wages in Quebec; gaps that researchers say carry major economic consequences.
Critics are questioning the solidity of Saab's pitch to deliver 10,000 jobs in Canada if it decides to set up shop here to assemble Gripen fighter jets.
The girl’s disappearance underscores long-standing concerns about the ease with which a parent can take a child to another country without the other parent’s knowledge or consent.
Asbestos cleanup, tight work windows and other TTC delays have slowed the build out of 5G cellular service in Toronto's subway system.
Alberta's UCP government is changing the rules to make it easier for citizens to force a referendum on issues such as the prospect of the province leaving Confederation.
An at-home DNA test given as a birthday gift solved an 80-year family mystery by revealing that a man in Quebec and a man in the Netherlands were long-lost brothers.
Lina Vargas was on the board for almost two years and told Global News that accountability and transparency are fundamental rights for all community members.
Industry Minister Melanie Joly told the House of Commons committee on international trade the move breaches federal contracts tied to manufacturing in Brampton and Windsor, Ont.
A targeted home invasion and kidnapping led to a gunpoint standoff with police and an overnight chase across Toronto. Two suspects remain at large, investigators say.
In a post on his LinkedIn account, Simon Donner says he resigned on Tuesday and he is grateful for the opportunity to help shape climate policy in Canada.
The development charges can vary greatly from city to city, the Canada Mortgage and Housing Corporation report found.
The three leaders will be in Washington, D.C., for the FIFA World Cup draw, marking the first time they will be in the same room together.
Flu season has arrived early, with CHEO reporting eight times more cases than last year as hospitals warn of rising infections among children and seniors.