Indigo Books & Music, Canada’s largest bookstore chain, reported total revenue of C$1.02 billion for the fiscal year ended April 17, the chain's highest revenue mark ever. The numbers mark an increase of 2.6%, or C$26 million, over the same period last year.
Indigo reported net earnings before tax of C$29.0 million, compared to C$22.1 million last year
Double digital growth in sales of general merchandise (specifically toys and lifestyle products) were credited with driving the chain’s record growth in revenue. Despite the drop in popularity (and sales) of adult coloring books, book sales at large were reported to be “solid” and driven by the popularity of Harry Potter and the Cursed Child.
Indigo also opened a new kind of store at the beginning of 2017. Located at CF Sherway Gardens in Toronoto, Indigo’s first concept store marks, the chain said, a transition from a basic bookstore to a “cultural department store for booklovers.” Indigo said that it expects to expand its number of concept stores this year.
The company's CEO, Heather Reisman, said: "We are 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.”
