Indigo Books and Music employee Murray Simpson puts copies of the 2010 Giller Prize-winning work "The Sentimentalists" by Johanna Skibsrud on the shelves at the Eaton Centre in Toronto on November 25, 2010. Indigo Books & Music Inc. says it will be making its first expansion into the United States next summer with an opening at a mall in New Jersey. The company says it will open the store in the Mall at Short Hills to test its "cultural department store" model in the country with the largest retailing market in the world. THE CANADIAN PRESS/Darren Calabrese
November 02, 2017 - 2:46 PM
TORONTO - Indigo Books & Music Inc. (TSX: IDG) says it will be making its first expansion into the United States next summer with an opening at a mall in New Jersey.
The company says it will open the store in the Mall at Short Hills to test its "cultural department store" model in the country with the largest retailing market in the world.
The expansion plans come as Indigo continues to lose money, despite near-record revenue in the second quarter.
The company says it pulled in $224.5 million in sales during the quarter ended Sept. 30, up from $217 million in the same quarter last year for its highest ever second-quarter revenue.
But the increased revenue didn't translate to a profit, with the company losing $4.7 million or 18 cents a share for the quarter, compared with a net loss of $1.2 million or for cents per share for the same quarter last year.
The company says the results reflect changes in accounting estimates, as well as its investment in its digital segment, marketing, supply chain, and new store development.
Indigo has 89 superstores under the Chapters and Indigo banners plus 122 small format stores under brands including Coles, Indigospirit, SmithBooks, and The Book Company.
News from © The Canadian Press, 2017