Metropolis at Metrotown store sees losses cut by a quarter – .

Metropolis at Metrotown store sees losses cut by a quarter – .

Burnaby book and lifestyle retailer Indigo Books and Music Inc. said increased revenue and reduced losses for its first quarter compared to the same period last year as its stores began to reopen due to restrictions linked to the pandemic.

The company, which operates out of Metropolis in Metrotown, reported revenue of $ 172 million for the quarter ended July 3.

This compares to sales of $ 135 million in the same quarter last year.

Indigo reported a net loss of $ 21.9 million this quarter, compared to a net loss of $ 31.6 million in the same quarter last year.

The company noted that the performance improvement came despite continued shutdowns during the period in Ontario, where 50 percent of Indigo’s locations are located.

The bookstore chain is seeing increased sales thanks in part to an online community of TikTok users sharing videos reviewing and recommending books.

Viral videos with the hashtag #BookTok have attracted billions of views and are driving demand for books – often older and receding titles – to the benefit of booksellers and the publishing industry as a whole.

The #BookTok effect ushered in yet another increase in sales after more than a year of battling pandemic restrictions and store closures.

“The popularity of reading on TikTok has created a whole new level of enthusiasm for reading, especially for teens, adding to an already solid performance in books,” said Heather Reisman, Managing Director of Indigo , in a conference call Friday on the retailer’s quarterly earnings.

Reisman said the financial results point to the start of a recovery in retailing as the economy reopens.

“Our strong first quarter sales performance reflects the start of a welcome recovery in retail, the continued strength of online sales and the Indigo brand in general,” said Reisman.

“In addition, it is a testament to our teams’ successful management of store re-openings for more than half of our retail fleet and thoughtful inventory management. “

  • With files from the Canadian Press


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