Indigo's proprietary brands also delivered outstanding sales, with OUI (home) and NÓTA TM (paper) together generating over a quarter of the total revenue growth to last year, demonstrating the value of the Company's exclusive brand portfolio in its long-term strategy.Ĭommenting on the results, CEO Heather Reisman said: "As a business, we were relentlessly focused on evolving and driving performance – which together with Canadians' affinity for the Indigo brand – yielded the beginning of improved results. Customers' strong reception to the Company's expanding general merchandise offering further buoyed results, with assortment expansion driving sales growth at or above 30% for its lifestyle and baby categories. Demonstrating evolving omnichannel behaviours, Indigo's digital platforms are also increasingly where customers begin product discovery, bolstering in-store conversion.ĭemand in the Company's core book business notably lifted by 8%, fueled by the popularity of reading on TikTok. Specifically, the online channel sustained incremental growth of 98% to fiscal 2020 sales levels. Revenue growth was driven by the success of Indigo's omnichannel business, with the first good push of recovery delivered by the Company's retail channel and an ecommerce business that nearly doubled since the onset of the pandemic. The success of the Company's product strategy and strong revenue performance drove the Company's return to profitability, with adjusted EBITDA of $32.5 million and net earnings of $3.3 million, an improvement of $60.8 million and $61.2 million, respectively. These results were achieved amidst challenging operational and market conditions that included rolling store closures in the Company's first quarter and the re-emergence of severe pandemic conditions from the Omicron wave during its seasonally important third quarter.
These top-line results also outperformed the preceding three fiscal years including the pre-COVID year. Revenue increased $157.6 million or 17.4% to $1.06 billion from $904.7 million last year. Logo (CNW Group/Indigo Books & Music Inc.)
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