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The News Publishing & Print Happy Holidays for Indigo. Profits and revenues both up after 2006 Christmas season
The News Publishing & Print Happy Holidays for Indigo. Profits and revenues both up after 2006 Christmas season | Happy Holidays for Indigo. Profits and revenues both up after 2006 Christmas season |
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| Wednesday, 31 January 2007 | |
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Indigo Books & Music Inc., Canada’s largest book retailer, reported strong earnings and revenues for its third quarter ended December 30, 2006. The retailer's profit was up 3% to $41.0 million for the period including the Christmas shopping season, pushing earnings to $1.68 per share, up $0.03 from a year ago. Included in these results was a $1.6 million write-off of software assets related to the company's online business. Normalizing for this charge, the Company's net earnings would have increased 7.2%. Operating earnings for the quarter grew 6% or almost $3 million to $51.2 million. Indigo grew revenues 3.4% to $320.5 million, compared to $309.9 million in the same quarter last year. Comparative store sales for the quarter increased 2.5% to $206.5 million in superstores while small format stores rose 0.6% to $62.1 million. The company opened two new superstores late in the quarter. Commenting on the results, Indigo CEO Heather Reisman said: “We are pleased with our performance given a 6% average decline in the price of US published books driven by the strong Canadian Dollar. Not only have we have been able to grow our top line well above the North American industry average, but we’ve done so without the benefit of strong blockbuster titles this past quarter, compared to last year.” The Company’s online sales rose 17.7% to $28.6 million, continuing the track record of double digit growth since the inception of the channel. On a year-to-date basis, net earnings increased to $34.2 million, up 4% from last year’s $32.8 million. On a per share basis, earnings were $1.41 compared to $1.36 the year prior. Revenues were up 1.7% to $673.1 million from $661.7 million while same store sales grew 1.9% in superstores and 0.6% in small format stores. |
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A broad range of reference materials and data on Film, Video and Audio Technologies, Motion Picture Production and Distribution, Entertainment Industry, Business & Financing, Media Law, World Cinema and more. The sections are hierarchically arranged by subject – from broad to specific.
