(Toronto) Indigo Books & Music expects to be faced with a “set of harmful conditions” for approximately one year due to COVID – 12.
Published on 24 June 2020 at 10 h 55
The Canadian Press
The bookseller expects at least 10 at 12 months of difficulties due to the pandemic.
The Toronto-based company, which released its financial results for the fourth quarter Tuesday after the markets closed, had forecast a solid first quarter and expected to return to profitability.
But the new coronavirus, which forced the retailer to close all its stores around mid-March, will have an impact on its forecasts.
Indigo posted a loss of 171, 3 million, or 6, 22 $ per share, for the fourth quarter, compared to a loss of 23, 8 million, or 86 cents per share, over the same period last year.
The chain of stores specializing in books, gifts and toys attributed its greatest loss to depreciation charges and deferred tax charges, as well as to the fact that it continued to pay the salaries to its employees until the end of March despite the closure of its establishments.