TORONTO (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.
Reporting by Cameron French; Editing by Peter Galloway