TORONTO (Reuters) - Indigo Books & Music Inc IDG.TO swung to a fourth-quarter profit as revenues inched higher despite lower book prices, it said on Thursday.
The company, Canada’s biggest book retailer, said it earned C$3.13 million ($3.16 million), or 12 Canadian cents a share, in the three months ended March 29. That was up from a loss of C$4.2 million, or 17 Canadian cents a share, in the same period a year earlier.
Revenue rose to C$206.2 million from C$201.9 million a year earlier, the company said.
“It was a demanding year for many retailers as a result of the significant increase in the Canadian dollar,” Chief Executive Heather Reisman said in a statement.
“Booksellers in particular saw a meaningful decrease in book prices. Despite this downward pressure on our top line we are pleased with our results.”
The company released its results after markets closed. During the day, its shares dropped 11 Canadian cents to close at C$13.04 on the Toronto Stock Exchange.
Reporting by Wojtek Dabrowski; editing by Peter Galloway