Indigo Books & Music Inc. widely missed expectations as it swung to a nearly $40-million net loss for its 2019 financial year, partly due to the Canada Post strike and less consumer spending in the final quarter. Revenue for the year dropped $32.8 million or three per cent to about $1.05 billion from roughly $1.08 billion the previous year. Analysts surveyed by Thomson Reuters Eikon expected a net loss of $9.3 million or 34 cents per share on $1.065 billion of revenues. Revenue challenges arose from, among other things, a Canada Post strike, as well as a pullback in consumer spending on non-essential items in the fourth quarter. The company says net loss for the quarter amounted to $23.8 million, compared with a $10.7-million loss last year.

Source: thestar May 28, 2019 22:41 UTC