August 9, 2011 / 8:44 PM / 6 years ago

Indigo Books Q1 loss widens on lower retail sales

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Aug 9 (Reuters) - Canada’s Indigo Books & Music Inc reported a wider quarterly loss as lower paper books sales offset growth in its digital business.

The company said in the short term its retail business will be challenged.

Indigo’s net loss for the quarter ended July 2 widened to C$18 million ($18.13 million), or 72 Canadian cents per share, from C$5 million, or 22 Canadian cents per share, a year ago.

Indigo, the biggest book retailer in Canada, operates about 250 stores, including close to 100 superstores under the banners Indigo, Chapters and the World’s Biggest Bookstore.

First-quarter revenue fell 2 percent to C$202.1 million.

Cost of sales rose 6.4 percent to C$125.4 million.

Shares of the company closed at C$9.85 on Tuesday on the Toronto Stock Exchange. ($1 = 0.993 Canadian dollars) (Reporting by Maneesha Tiwari in Bangalore; Editing by Gopakumar Warrier)

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