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Effects of ransomware attack, softer demand weigh on Indigo’s first-quarter results | #ransomware | #cybercrime

TORONTOIndigo Books & Music Inc. CEO Peter Ruis says the aftereffects of a ransomware attack and challenging macroeconomic conditions weighed on the company’s first-quarter results.

On a call with analysts, Ruis said Indigo’s search engine optimization was heavily impacted by the attack, which happened in February, resulting in lower online traffic.

The company says its ability to replenish inventory was challenged, which impacted its retail and online assortment, while consumers were also more sensitive to prices.

The remarks came the day after Indigo reported a loss of $28.5 million in its first quarter, compared with a loss of $25.4 million in the same quarter last year.

The Toronto-based retailer says revenue for the quarter ended July 1 was $179.2 million, down from $204.6 million last year.

Loss per diluted share amounted to $1.02, down from a loss of 91 cents a year ago.

This report by The Canadian Press was first published August 11, 2023.

Companies in this story: (TSX:IDG)

© 2023 The Canadian Press. All rights reserved., source Canadian Press DataFile

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