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Indigo Books & Music fiscal Q1 loss narrows YOY

Indigo Books & Music Inc. said its normalized net income for the fiscal first quarter ended June 28 came to a loss of 34 Canadian cents per share, compared with a loss of 51 cents per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of C$8.8 million, compared with a loss of C$13.1 million in the prior-year period.

The normalized profit margin climbed to negative 4.8% from negative 7.6% in the year-earlier period.

Total revenue grew 5.4% on an annual basis to C$180.8 million from C$171.5 million, and total operating expenses grew from the prior-year period to C$194.7 million from C$192.6 million.

Reported net income came to a loss of C$14.0 million, or a loss of 55 cents per share, compared to a loss of C$15.0 million, or a loss of 59 cents per share, in the year-earlier period.