Canadian retailer Indigo reported sales for their fiscal first quarter, ending June 30, with sales of $205.4 million (CA), down $1 million and below expectations of a modest gain, as the company swung to an adjusted EBITDA loss of $13.3 million, and a pre-tax loss of $20.7 million (versus a loss of $7 million a year ago). EBITDA suffered due to “higher discounting, higher costs at the expanded distribution facilities, the increase in minimum wage in Ontario, and other investments in transformational initiatives.” Superstore sales comps were barely positive, up 0.2 percent, as were small-format store comps, up 0.76 percent. […]
