TORONTO, Sept. 13, 2016 /CNW/ - Indigo Books & Music Inc. (TSX: IDG), the world's first cultural department store for booklovers, is pleased to celebrate 20 years on Toronto Stock Exchange (TSX).
This milestone for the Canadian company comes after 11 consecutive quarters of impressive growth in revenue for Indigo. Indigo's last fiscal year ending April 2nd, 2016, reported revenue of $994 million with comparable Superstore Sales growing by 12.8% and Online Sales growing by 15.3%. Indigo also reported 4.4% growth in revenue for its first quarter ending July 2, 2016.
"Today we celebrate how far we've come since we first traded on TSX twenty years ago," said Heather Reisman, Indigo's founder and CEO. "Like a deeply satisfying novel, there have been many twists and turns in this story of Indigo. Today we're in growth mode: physical book sales are up, our general merchandise business is thriving, and we are looking forward with great optimism for the future of Indigo. I'd like to extend a sincere thank you to our shareholders, our customers and our team at Indigo, past and present, who have collectively made this an exciting and truly rewarding journey."
Heather Reisman founded Indigo Books & Music in 1996, bringing a lifelong passion for books to the retail environment, with the ultimate goal of creating a cultural department store for booklovers. In 2001, Chapters and Indigo officially merged to become Indigo Books & Music Inc. Since, Indigo has grown to become Canada's largest book, gift and specialty toy retailer with 89 superstores operating under the banners Chapters and Indigo and 123 small format stores under the banners Coles, Indigospirit, SmithBooks, and The Book Company, as well as a robust online store at indigo.ca.
In 2009, Indigo launched Kobo Inc., a global e-reading company. Indigo's first foray into technology and hardware exceeded expectations and proved hugely successful for the brand. By the end of 2011, Indigo had built a network of 7 million Kobo e-readers, then sold Kobo Inc. to Japanese internet giant Rakuten in early 2012. Indigo received net cash proceeds of US$146 million in the sale, marking a significant return on a 24-month investment of $32 million.
Indigo continues to invest in innovation. In May 2016, the brand opened a new concept store at Indigo CF Sherway Gardens; a 30,000 square foot store that store reflects Indigo's transformation from bookstore to cultural department store for booklovers. The year 2016 also marked Indigo's launch of Reco, the first iOS mobile application that provides users with access to a global community to discover, share, capture, and discuss books through an easy-to-use and beautifully designed mobile experience.
Randstad Canada has repeatedly recognized Indigo as one of the top Canadian retail employer brands, and the first overall retail employer brand for the last two consecutive years.
Through its charitable not-for-profit organization, the Indigo Love of Reading Foundation, Indigo addresses the underfunding of public high-needs elementary school libraries. Founded in 2004, the Foundation has committed over $23 million to more than 2,600 schools through its signature programs to date.
To learn more about Indigo, please visit the Our Company section at indigo.ca.
About Indigo Books & Music Inc.
Indigo is a publicly traded Canadian company listed on the Toronto Stock Exchange (IDG). As the largest book, gift and specialty toy retailer in Canada, Indigo operates in all provinces under different banners including Indigo Books & Music; Indigo Books, Gifts, Kids; Indigospirit; Chapters; and Coles. The online channel, indigo.ca, offers a one-stop online shop with a robust selection of books, toys, home décor, stationery, and gifts.
SOURCE Indigo Books & Music Inc.
For further information: Janet Eger, Vice President, Public Affairs, 416 342 8561, [email protected]