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The CEO of Indigo describes 2023 as a “tough” year due to lower third-quarter revenues

Heather Reisman, the CEO of Indigo Books & Music Inc., opened up about the company’s tumultuous journey over the past year, describing it as a “challenging” period marked by various disruptions. These included a debilitating ransomware attack that paralyzed its e-commerce operations, an untimely launch of a new platform, inventory overbuying, and navigating through an economically challenging environment.

The repercussions of these events were felt keenly in Indigo’s financial performance, with third-quarter profits plummeting by nearly 70% compared to the previous year. Revenues also took a hit, reflecting a decline from the same quarter in 2022.

In response to these challenges, Indigo embarked on a transformation plan, streamlining its general merchandise inventory and making strategic decisions to align with its long-term goals. Reisman acknowledged the impact of these decisions on margins and profitability but affirmed their necessity in positioning the company for future growth.

Craig Loudon, the CFO and COO, shed light on the retail giant’s reliance on discounting amid inventory adjustments, which affected sales figures. Additionally, he acknowledged the importance of offering the right assortment of products, especially during crucial periods like the holiday season.

Indigo’s journey over the past year has been marked by leadership transitions, including the return of Reisman after the abrupt departure of Peter Ruis. Amidst these changes, the company remains focused on its core values, particularly its commitment to promoting a love of reading through its book inventory.

As Indigo navigates its path forward, it faces both challenges and opportunities. Reisman highlighted efforts to stabilize e-commerce operations post-cyberattack and emphasized the company’s commitment to realizing its full potential in the digital space.

The road ahead may be fraught with obstacles, but Indigo remains steadfast in its mission to serve its customers and adapt to an ever-evolving retail landscape.

Sadhna B

Sadhna B

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