For the first time since its 2010 fiscal year, Indigo Books & Music is reporting a growth in book sales.
In an Aug. 5 conference call with analysts and investors, Indigo CFO Laura Carr said the first-quarter increase came from both retail and online channels, but was not the result of a single best-selling adult-market title. “In the same quarter last year we had some major hits with Dan Brown’s Inferno and Khaled Hosseini’s And the Mountains Echoed,” she said. “This year we’ve seen the benefit of the teen hit The Fault in Our Stars by John Green.”
CEO Heather Reisman attributes the growth in part to ebook sales levelling off, “but I would not want anyone to think that I don’t believe that there will still be demand on – pressure on this business.”
Despite the closure of seven stores, total revenues for the quarter (which ended June 28) increased 5.4 per cent to $180.8 million, over the same period in 2013. The introduction of two specialty American Girl boutiques are also credited for the growth.
When asked about future Indigo store openings and closings, Reisman declined to discuss the matter. “When we’re ready to open we will mention it,” she said.