July 30, 2008 / 8:29 PM / 9 years ago

UPDATE 1-Indigo Books trims loss as sales rise

(Adds details)

TORONTO, July 30 (Reuters) -Indigo Books & Music Inc IDG.TO reported a smaller quarterly loss on Wednesday as sales growth more than offset lower book prices at Canada’s largest book retailer.

The company lost C$1.2 million ($1.2 million), or 5 Canadian cents a share, in its first quarter, ended June 28. That compared with a loss of C$2.8 million, or 12 Canadian cents a share, in the same period last year.

Revenue increased 3.1 percent to C$190.6 million.

Toronto-based Indigo said that sales at stores open for more than a year rose 3.3 percent at its Indigo and Chapters superstores, and 5.4 percent at its smaller-format Coles stores.

The company’s shares closed up 2.8 percent at C$16.20 on the Toronto Stock Exchange on Wednesday. The results were released after markets closed.

So far this year, Indigo stock has gained about 14 percent.

$1=$1.02 Canadian Reporting by Cameron French; Editing by Peter Galloway

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