Profits are down at Indigo Books

Indigo Books and Music, the majority shareholder in Kobo, has posted its financial reports for the latest quarter.

Indigo reported a loss, as compared to a profit from a year ago. The retailer said Tuesday it lost $11.7 million during the quarter that ended April 2. During the same quarter last year, Indigo earned a profit of $497 thousand.

“We are pleased with our revenue growth, particularly given the significant transition going on in our industry,” chief executive Heather Reisman said in a statement after stock markets closed Tuesday. “Consumers have embraced our Kobo eReader and eBook offerings and we are thrilled to be at the forefront of an emerging global industry.”

Quarterly revenue totalled $210.6 million, down from $228.2 million same time last year. Over the past year Indigo earned $11.3 million  on $1.02 billion in revenue. That compared with a profit of $34.9 million on $968.9 million in revenue the previous year.

via Canadian Business