(Toronto) Indigo Books & Music says it grossed $10 million last quarter, down from $34.3 million a year earlier.
The retailer says revenue for its third quarter ended Dec. 30 was $370.6 million, down from $422.7 million in the same quarter in 2022. Diluted earnings per share were 35 cents, down compared to $1.22 a year earlier.
Indigo says disruptions throughout 2023, including a ransomware attack, negatively affected its results, particularly in e-commerce, which underperformed compared to retail.
The company says it has also seen consumers becoming increasingly price sensitive amid economic headwinds, with increased penetration of promotions and discounts.
CEO Heather Reisman said in a press release that the results were “disappointing” and asserted that the retailer was “deeply and effectively engaged in a turnaround.”
The company recently received a privatization proposal from two companies owned by majority shareholder Gerald Schwartz.