{"id":429595,"date":"2021-02-04T17:04:36","date_gmt":"2021-02-04T22:04:36","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=429595"},"modified":"2021-02-04T17:04:36","modified_gmt":"2021-02-04T22:04:36","slug":"indigo-reports-fiscal-2021-third-quarter-financial-results-exceptional-holiday-sales-momentum-dampened-by-government-mandated-retail-closures-and-capacity-restrictions","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/indigo-reports-fiscal-2021-third-quarter-financial-results-exceptional-holiday-sales-momentum-dampened-by-government-mandated-retail-closures-and-capacity-restrictions\/","title":{"rendered":"Indigo Reports Fiscal 2021 Third Quarter Financial Results – Exceptional holiday sales momentum dampened by government-mandated retail closures and capacity restrictions"},"content":{"rendered":"
\n

Canada NewsWire<\/p>\n<\/p><\/div>\n

\n

\n TORONTO<\/span>, Feb. 4, 2021<\/span> \/CNW\/ – Indigo Books<\/span> & Music Inc. (TSX: IDG), Canada’s<\/span> largest book and lifestyle retailer, reported third quarter financial results. <\/p>\n

Double-digit revenue growth in the first seven weeks of the quarter provided some cushion but could not overcome the severe impact of new government-mandated closures in several provinces, as well as severe customer capacity restrictions in markets with open stores.\u00a0 As a result, revenue for the third quarter ended December 26, 2020<\/span>, initially headed to show real growth, came in at $365.4 million<\/span> compared to revenue of $383.7<\/span> million\u00a0in the same period last year, a decrease of $18.3 million<\/span> or 5 percent. \u00a0<\/p>\n

Revenues were challenged by a significant wave of mandated COVID-19 store closures in Manitoba<\/span>, Ontario<\/span> and Quebec<\/span> during the second part of November and December, a critical period of sales. The Company achieved exceptional e-commerce revenue growth of 92%, and the success of the Company’s enhanced omnichannel capabilities, including click-and-collect, curbside pickup and Instacart, did blunt some of the effects of mandated re-closures. Bright spots in the quarter also included double-digit growth in the Company’s baby and wellness categories and continued strength in its proprietary lifestyle brand OUI<\/i>, showcasing customers’ affinity for both core categories and new product assortment.<\/p>\n

Commenting on the results, CEO Heather Reisman<\/span> said: “These results are a testament to the demonstrated resilience of our teams and a deep affinity for our brand, achieved against massive disruption from mandated shut-downs and store limitations during the most important six weeks of our year. These shutdowns created a particularly uneven playing field in Ontario<\/span> with ‘essential’ retailers selling all non-essential items, a practice disallowed by other provinces. Nevertheless, we remain energized by the momentum we saw pre-closures and look forward to having COVID-19 behind us.”<\/p>\n

Adjusted EBITDA for the period was $37.8 million<\/span> for the 13-week period ended December 26, 2020<\/span>, compared to $43.3 million<\/span> for the same period last year. In the quarter, the Company recognized $9.7 million<\/span> in occupancy expense abatement to share the financial burden of COVID-19 and $3.2 million<\/span> in government support from the Canada<\/span> Emergency Wage Subsidy. <\/p>\n

Indigo reported net earnings of $30.7 million<\/span> ($1.11<\/span> net earnings per basic common share) for the third quarter ended December 26, 2020<\/span>, compared to net earnings of $25.8 million<\/span> ($0.94<\/span> net earnings per basic common share) last year. This improvement was a result of income taxes and the application of previously unrecognized income tax losses. <\/p>\n

With no outstanding debt and a cash balance of $229.4 million<\/span>, the Company continues to be well positioned to manage through these uncertain times. <\/p>\n

\n Analyst\/Investor Call<\/b>\u00a0
Indigo will host a conference call for analysts and investors to review these results at 9:00 a.m. (Eastern Time) tomorrow<\/span>,\u00a0February 5th, 2021. The call can be accessed by dialing 647-427-7450 from within the Toronto<\/span> area, or 1-888-231-8191 outside of Toronto<\/span>. The seven-digit participant code is\u00a06671095.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/p>\n

A playback of the call will also be available by telephone until 11:59 p.m. (ET)<\/span> on\u00a0February 12, 2021. The call playback can be accessed after 12:00 p.m. (ET)<\/span> on\u00a0February 6, by dialing 416-849-0833 from within the Toronto<\/span> area, or 1-855-859-2056outside of Toronto<\/span>. The seven-digit replay passcode number is\u00a06671095. The\u00a0conference call transcript will be archived in the Investor Relations section of the Indigo website,\u00a0www.indigo.ca<\/a>.\u00a0<\/p>\n

\n Forward-Looking Statements<\/b>\u00a0
Statements contained in this news release that are not historical facts are “forward-looking information” within the meaning of applicable Canadian securities legislation. To the extent any forward-looking information constitutes “financial outlooks” within the meaning of applicable Canadian securities laws, such information is being provided as preliminary financial and operational results. Financial outlooks, as with forward-looking information generally, are, without limitation, based on the assumptions and subject to various risks and uncertainties that could cause actual results to differ materially from those expressed in or implied in this news release. Among the key factors that could cause such differences are: general economic, market or business conditions; the future impacts and government response to the COVID-19 pandemic, including any impact to online and\/or retail operations of the Company; competitive actions by other companies; changes in laws or regulations; and other factors, many of which are beyond the control of the Company, as set out in the Company’s annual information form dated June 23, 2020<\/span> and available on the Company’s issuer profile on SEDAR at www.sedar.com<\/a>. <\/p>\n

Undue reliance should not be placed on such forward-looking information and no assurance can be given that such events will occur in the disclosed time frames or at all. Any forward-looking information included in this news release is made as of the date of this news release and the Company does not undertake an obligation to publicly update such forward-looking information to reflect new information, subsequent events or otherwise unless required by applicable securities laws. <\/p>\n

\n Non-IFRS Financial Measures<\/b>\u00a0
The Company prepares its consolidated financial statements in accordance with International Financial Reporting Standards (“IFRS”). In order to provide additional insight into the business, the Company has also provided non-IFRS data, specifically adjusted EBITDA, in this press release. These measures do not have standardized meanings prescribed by IFRS and are therefore specific to Indigo and may not be comparable to similar measures presented by other companies.\u00a0<\/p>\n

For additional context see “Results of Operations” and “Non-IFRS Financial Measures” in the Management’s Discussion and Analysis (which can be found at www.indigo.ca\/investor-relations<\/a> or www.sedar.com<\/a>).<\/p>\n

\n About<\/b>
\n \u202f<\/b>
\n Indigo\u00a0Books<\/b>
\n \u202f<\/b>
\n & Music Inc.<\/b>\u00a0
Indigo is a publicly traded Canadian company listed on the Toronto Stock Exchange (IDG). Indigo is the world’s first Cultural Department Store \u2013 a physical and digital meeting place inspired by and filled with books, music, art, ideas, and beautifully designed lifestyle products. Indigo believes in real books, in living life fully and generously, in being kind to each other and that stories \u2013 big and little \u2013 connect us.<\/p>\n

Indigo founded the Indigo Love of Reading Foundation in 2004 to address the underfunding of public elementary school libraries. Every year the Foundation provides grants to high-needs elementary schools so they can transform their libraries with the purchase of new books and educational resources. To date, the Foundation has committed over $32 million<\/span> to more than 3,000 elementary schools, benefitting more than 1,000,000 students. Most recently in April 2020<\/span>, in the wake of the COVID-19 pandemic and unprecedented nation-wide school closures, the Foundation committed $1.0 million<\/span> to provide books to families in need. To learn more about Indigo, please visit the “Our Company” section at indigo.ca. <\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

\n
\n Consolidated Balance Sheets<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n (Unaudited)<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n

\n
\n \u00a0As at\u00a0<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n \u00a0As at\u00a0<\/span>\n <\/p>\n<\/td>\n

\n

\n \u00a0As at\u00a0<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n

\n
\n December 26,\u00a0<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n December 28,\u00a0<\/span>\n <\/p>\n<\/td>\n

\n

\n March 28,\u00a0<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n (thousands of Canadian dollars)<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 2020<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n 2019<\/span>\n <\/p>\n<\/td>\n

\n

\n 2020<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n
\n ASSETS<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n
\n Current<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Cash and cash equivalents<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 229,424<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n 216,198<\/span>\n <\/p>\n<\/td>\n

\n

\n 120,473<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Short-term investments<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n –<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n 7,750<\/span>\n <\/p>\n<\/td>\n

\n

\n –<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Accounts receivable<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 26,395<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n 19,755<\/span>\n <\/p>\n<\/td>\n

\n

\n 7,640<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Inventories<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 218,163<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n 247,261<\/span>\n <\/p>\n<\/td>\n

\n

\n 241,812<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Prepaid expenses<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 7,937<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n 6,604<\/span>\n <\/p>\n<\/td>\n

\n

\n 6,062<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Income taxes receivable<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 138<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n 138<\/span>\n <\/p>\n<\/td>\n

\n

\n 138<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Derivative assets<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n –<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n 19<\/span>\n <\/p>\n<\/td>\n

\n

\n 3,794<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Other assets<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 3,202<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n 4,185<\/span>\n <\/p>\n<\/td>\n

\n

\n 2,320<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n Total current assets<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 485,259<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n 501,910<\/span>\n <\/p>\n<\/td>\n

\n

\n 382,239<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Loan receivable<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 446<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n 926<\/span>\n <\/p>\n<\/td>\n

\n

\n 446<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Property, plant, and equipment, net<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 80,982<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n 110,455<\/span>\n <\/p>\n<\/td>\n

\n

\n 91,215<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Right-of-use assets, net<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 366,104<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n 430,994<\/span>\n <\/p>\n<\/td>\n

\n

\n 382,146<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Intangible assets, net<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 21,475<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n 29,351<\/span>\n <\/p>\n<\/td>\n

\n

\n 24,571<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Equity investment, net<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 2,350<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n 2,611<\/span>\n <\/p>\n<\/td>\n

\n

\n 2,353<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Deferred tax assets<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n –<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n 89,782<\/span>\n <\/p>\n<\/td>\n

\n

\n –<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n Total assets<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 956,616<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n 1,166,029<\/span>\n <\/p>\n<\/td>\n

\n

\n 882,970<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n LIABILITIES AND EQUITY<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n
\n Current<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Accounts payable and accrued liabilities<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 249,992<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n 261,281<\/span>\n <\/p>\n<\/td>\n

\n

\n 164,294<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Unredeemed gift card liability<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 68,626<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n 65,676<\/span>\n <\/p>\n<\/td>\n

\n

\n 51,673<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Provisions<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 2,185<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n 180<\/span>\n <\/p>\n<\/td>\n

\n

\n 2,034<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Deferred revenue<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 16,880<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n 10,234<\/span>\n <\/p>\n<\/td>\n

\n

\n 10,682<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Short-term lease liabilities<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 63,022<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n 65,454<\/span>\n <\/p>\n<\/td>\n

\n

\n 68,402<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Derivative liabilities<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 1,716<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n 803<\/span>\n <\/p>\n<\/td>\n

\n

\n –<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n Total current liabilities<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 402,421<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n 403,628<\/span>\n <\/p>\n<\/td>\n

\n

\n 297,085<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Long-term accrued liabilities<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 1,371<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n 1,476<\/span>\n <\/p>\n<\/td>\n

\n

\n 1,196<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Long-term provisions<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 696<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n 45<\/span>\n <\/p>\n<\/td>\n

\n

\n 469<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Long-term lease liabilities<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 491,378<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n 509,708<\/span>\n <\/p>\n<\/td>\n

\n

\n 500,215<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n Total liabilities<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 895,866<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n 914,857<\/span>\n <\/p>\n<\/td>\n

\n

\n 798,965<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n Equity<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Share capital<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 226,986<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n 226,986<\/span>\n <\/p>\n<\/td>\n

\n

\n 226,986<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Contributed surplus<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 14,075<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n 12,463<\/span>\n <\/p>\n<\/td>\n

\n

\n 12,822<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Retained earnings (deficit)<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n (177,202)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n 12,522<\/span>\n <\/p>\n<\/td>\n

\n

\n (158,801)<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Accumulated other comprehensive income (loss)<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n (3,109)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n (799)<\/span>\n <\/p>\n<\/td>\n

\n

\n 2,998<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n Total equity<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 60,750<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n 251,172<\/span>\n <\/p>\n<\/td>\n

\n

\n 84,005<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n Total liabilities and equity<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 956,616<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n 1,166,029<\/span>\n <\/p>\n<\/td>\n

\n

\n 882,970<\/span>\n <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n

\u00a0<\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n
\n Consolidated Statements of Earnings (Loss) and Comprehensive Earnings (Loss)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n (Unaudited)<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n

\n
\n 13-week<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n 13-week<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 39-week<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n 39-week<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n

\n
\n period ended<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n period ended<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n period ended<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n period ended<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n

\n
\n December 26,<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n December 28,<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n December 26,<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n December 28,<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n (thousands of Canadian dollars, except per share data)<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 2020<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n 2019<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 2020<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n 2019<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n
\n Revenue\u00a0<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 365,426<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n 383,737<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 705,786<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n 779,657<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Cost of sales\u00a0<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n (217,940)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n (216,872)<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n (440,773)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n (444,119)<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n Gross profit<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 147,486<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n 166,865<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 265,013<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n 335,538<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Operating, selling, and other expenses<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n (110,843)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n (124,641)<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n (264,948)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n (334,233)<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n Operating profit<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 36,643<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n 42,224<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 65<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n 1,305<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Net interest expense<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n (5,921)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n (5,964)<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n (18,466)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n (17,234)<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Share of loss from equity investments<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n –<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n –<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n –<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n (1,588)<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n Earnings (loss) before income taxes<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 30,722<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n 36,260<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n (18,401)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n (17,517)<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Income tax recovery (expense)<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n –<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n (10,411)<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n –<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n 3,842<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n Net earnings (loss)\u00a0<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 30,722<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n 25,849<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n (18,401)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n (13,675)<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n
\n Other comprehensive loss<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Items that are or may be reclassified subsequently to net earnings (loss):<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Net change in fair value of cash flow hedges
\u00a0\u00a0 [net of taxes of 0 and 0; 2019 – 190 and 283]<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n (3,151)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n (520)<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n (4,654)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n (771)<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Reclassification of net realized (gain) loss
\u00a0\u00a0 [net of taxes of 0 and 0; 2019 – 0 and 215]<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n (861)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n 2<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n (856)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n (586)<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Foreign currency translation adjustment [net of taxes of 0 and 0; 2019 – 0 and 0]<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n (597)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n –<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n (597)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n –<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Other comprehensive loss<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n (4,609)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n (518)<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n (6,107)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n (1,357)<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n
\n Total comprehensive earnings (loss)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 26,113<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n 25,331<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n (24,508)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n (15,032)<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n
\n Net earnings (loss) per common share<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Basic<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n $<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 1.11<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n $ \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a00.94<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n $ \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 (0.67)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n $ \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 (0.50)<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Diluted\u00a0<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n $<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 1.09<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n $ \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a00.94<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n $ \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 (0.67)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n $ \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 (0.50)<\/span>\n <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n

\u00a0<\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n
\n Consolidated Statements of Cash Flows<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n (Unaudited)<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n

\n
\n \u00a013-week\u00a0\u00a0<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n 13-week\u00a0<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n \u00a039-week\u00a0<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n \u00a039-week\u00a0<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n

\n
\n \u00a0period ended\u00a0<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n period ended<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n period ended<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n \u00a0period ended\u00a0<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n

\n
\n \u00a0December 26,\u00a0\u00a0<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n December 28,\u00a0<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n December 26,\u00a0<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n \u00a0December 28,\u00a0\u00a0<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n (thousands of Canadian dollars)<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 2,020<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n 2019<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 2020<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n 2019<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n
\n OPERATING ACTIVITIES<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Net earnings (loss)<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 30,722<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n 25,849<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n (18,401)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n (13,675)<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Adjustments to reconcile net earnings (loss) to cash flows from
operating activities<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Depreciation of property, plant, and equipment<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 4,129<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n 5,651<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 13,020<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n 17,475<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Depreciation of right-of-use assets<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 10,183<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n 9,980<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 31,728<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n 30,002<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Amortization of intangible assets<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 3,187<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n 3,393<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 9,718<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n 9,971<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Gain on disposal of equity investment<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n –<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n (1,484)<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n –<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n (1,484)<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Loss on disposal of capital assets<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n –<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n 70<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 247<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n 1,021<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Share-based compensation\u00a0<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 425<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n 359<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 1,031<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n 980<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Directors’ compensation<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 74<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n 65<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 222<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n 222<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Deferred income tax expense (recovery)<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n –<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n 10,411<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n –<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n (3,842)<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Rent concessions<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n (462)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n –<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n (4,141)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n –<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Other<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n (787)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n 278<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n (899)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n 634<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Net change in non-cash working capital balances related to operations<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 54,853<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n 113,337<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 111,540<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n 93,806<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Interest expense<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 6,154<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n 6,466<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 19,107<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n 18,867<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Interest income<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n (233)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n (460)<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n (641)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n (1,633)<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Share of loss from equity investments<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n –<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n –<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n –<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n 1,588<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n Cash flows from operating activities<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 108,245<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n 173,915<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 162,531<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n 153,932<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n
\n INVESTING ACTIVITIES<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Net purchases of property, plant, and equipment<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n (1,543)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n 1,098<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n (3,528)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n (3,134)<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Addition of intangible assets\u00a0<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n (2,385)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n (1,879)<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n (6,635)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n (6,804)<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Change in short-term investments<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n –<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n 12,750<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n –<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n 79,400<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Interest received<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 233<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n 587<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 641<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n 1,413<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n Cash flows from (used for) investing activities<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n (3,695)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n 12,556<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n (9,522)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n 70,875<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n
\n FINANCING ACTIVITIES<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Repayment of principal on lease liabilities<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n (7,052)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n (10,137)<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n (25,890)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n (30,752)<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Interest paid<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n (6,154)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n (6,465)<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n (19,107)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n (18,867)<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n Cash flows used for financing activities<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n (13,206)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n (16,602)<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n (44,997)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n (49,619)<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Effect of foreign currency exchange rate changes on cash and cash equivalents<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 559<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n (286)<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 939<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n (280)<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n
\n Net increase in cash and cash equivalents during the period<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 91,903<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n 169,583<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 108,951<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n 174,908<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Cash and cash equivalents, beginning of period<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 137,521<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n 46,615<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 120,473<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n 41,290<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n Cash and cash equivalents, end of period<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 229,424<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n 216,198<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 229,424<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n 216,198<\/span>\n <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n

\u00a0<\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

\n
\n Non-IFRS Financial Measures<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n The following table reconciles adjusted EBITDA to net earnings (loss) before income taxes, the most comparable IFRS
measure:<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n

\n
\n 13-week<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n 13-week<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 39-week<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n 39-week<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n

\n
\n period ended<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n period ended<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n period ended<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n period ended<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n

\n
\n December 26,\u00a0<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n December 28,\u00a0<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n December 26,\u00a0<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n December 28,\u00a0<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n (millions of Canadian dollars)<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 2020<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n 2019<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 2020<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n 2019<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Revenue<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 365.4<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n 383.7<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 705.8<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n 779.7<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Cost of sales<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n (217.9)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n (216.9)<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n (440.8)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n (444.1)<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Cost of operations<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n (69.4)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n (77.8)<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n (154.2)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n (197.4)<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Selling, general and administrative expenses<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n (23.9)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n (29.2)<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n (57.2)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n (79.8)<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Depreciation of right-of-use assets<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n (10.2)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n (10.0)<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n (31.7)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n (30.0)<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Finance charges related to leases<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n (6.2)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n (6.5)<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n (19.1)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n (18.9)<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n Adjusted EBITDA1<\/sup><\/b><\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 37.8<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n 43.3<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 2.8<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n 9.5<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Depreciation of property, plant and equipment<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n (4.1)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n (5.7)<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n (13.0)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n (17.5)<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Amortization of intangible assets<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n (3.2)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n (3.4)<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n (9.7)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n (10.0)<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Gain on disposal of capital assets<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n –<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n 1.4<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 0.9<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n 0.5<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Net interest income<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 0.2<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n 0.5<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 0.6<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n 1.6<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Share of loss from equity investments<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n –<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n –<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n –<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n (1.6)<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n Earnings (loss) before income taxes\u00a0<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 30.7<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n 36.3<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n (18.4)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n (17.5)<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n 1<\/sup>Earnings before interest, taxes, depreciation, amortization, impairment, asset disposals, and share of loss from equity investments, and includes IFRS 16 right-of-use asset depreciation and associated finance charges.\u00a0<\/span>\n <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n

\u00a0<\/p>\n

SOURCE Indigo Books<\/span> & Music Inc.<\/p>\n<\/p><\/div>\n

\"\"<\/p>\n","protected":false},"excerpt":{"rendered":"

Canada NewsWire TORONTO, Feb. 4, 2021 \/CNW\/ – Indigo Books & Music Inc. (TSX: IDG), Canada’s largest book and lifestyle retailer, reported third quarter financial results. Double-digit revenue growth in the first seven weeks of the quarter provided some cushion but could not overcome the severe impact of new government-mandated closures in several provinces, as well as severe customer capacity restrictions in markets with open stores.\u00a0 As a result, revenue for the third quarter ended December 26, 2020, initially headed to show real growth, came in at $365.4 million compared to revenue of $383.7 million\u00a0in the same period last year, a decrease of $18.3 million or 5 percent. \u00a0 Revenues were challenged by a significant wave of mandated COVID-19 store … <\/p>\n

Continue reading “Indigo Reports Fiscal 2021 Third Quarter Financial Results – Exceptional holiday sales momentum dampened by government-mandated retail closures and capacity restrictions”<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-429595","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"\nIndigo Reports Fiscal 2021 Third Quarter Financial Results - Exceptional holiday sales momentum dampened by government-mandated retail closures and capacity restrictions - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/indigo-reports-fiscal-2021-third-quarter-financial-results-exceptional-holiday-sales-momentum-dampened-by-government-mandated-retail-closures-and-capacity-restrictions\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Indigo Reports Fiscal 2021 Third Quarter Financial Results - Exceptional holiday sales momentum dampened by government-mandated retail closures and capacity restrictions - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"Canada NewsWire TORONTO, Feb. 4, 2021 \/CNW\/ – Indigo Books & Music Inc. (TSX: IDG), Canada’s largest book and lifestyle retailer, reported third quarter financial results. Double-digit revenue growth in the first seven weeks of the quarter provided some cushion but could not overcome the severe impact of new government-mandated closures in several provinces, as well as severe customer capacity restrictions in markets with open stores.\u00a0 As a result, revenue for the third quarter ended December 26, 2020, initially headed to show real growth, came in at $365.4 million compared to revenue of $383.7 million\u00a0in the same period last year, a decrease of $18.3 million or 5 percent. \u00a0 Revenues were challenged by a significant wave of mandated COVID-19 store … Continue reading "Indigo Reports Fiscal 2021 Third Quarter Financial Results – Exceptional holiday sales momentum dampened by government-mandated retail closures and capacity restrictions"\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.marketnewsdesk.com\/index.php\/indigo-reports-fiscal-2021-third-quarter-financial-results-exceptional-holiday-sales-momentum-dampened-by-government-mandated-retail-closures-and-capacity-restrictions\/\" \/>\n<meta property=\"og:site_name\" content=\"Market Newsdesk\" \/>\n<meta property=\"article:published_time\" content=\"2021-02-04T22:04:36+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/rt.prnewswire.com\/rt.gif?NewsItemId=C1103&Transmission_Id=202102041701CANADANWWEB______C1103&DateId=20210204\" \/>\n<meta name=\"author\" content=\"Newsdesk\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Newsdesk\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"8 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/indigo-reports-fiscal-2021-third-quarter-financial-results-exceptional-holiday-sales-momentum-dampened-by-government-mandated-retail-closures-and-capacity-restrictions\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/indigo-reports-fiscal-2021-third-quarter-financial-results-exceptional-holiday-sales-momentum-dampened-by-government-mandated-retail-closures-and-capacity-restrictions\\\/\"},\"author\":{\"name\":\"Newsdesk\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/#\\\/schema\\\/person\\\/482f27a394d4fda80ecb5499e519d979\"},\"headline\":\"Indigo Reports Fiscal 2021 Third Quarter Financial Results – Exceptional holiday sales momentum dampened by government-mandated retail closures and capacity restrictions\",\"datePublished\":\"2021-02-04T22:04:36+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/indigo-reports-fiscal-2021-third-quarter-financial-results-exceptional-holiday-sales-momentum-dampened-by-government-mandated-retail-closures-and-capacity-restrictions\\\/\"},\"wordCount\":1664,\"image\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/indigo-reports-fiscal-2021-third-quarter-financial-results-exceptional-holiday-sales-momentum-dampened-by-government-mandated-retail-closures-and-capacity-restrictions\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/rt.prnewswire.com\\\/rt.gif?NewsItemId=C1103&Transmission_Id=202102041701CANADANWWEB______C1103&DateId=20210204\",\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/indigo-reports-fiscal-2021-third-quarter-financial-results-exceptional-holiday-sales-momentum-dampened-by-government-mandated-retail-closures-and-capacity-restrictions\\\/\",\"url\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/indigo-reports-fiscal-2021-third-quarter-financial-results-exceptional-holiday-sales-momentum-dampened-by-government-mandated-retail-closures-and-capacity-restrictions\\\/\",\"name\":\"Indigo Reports Fiscal 2021 Third Quarter Financial Results - 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(TSX: IDG), Canada’s largest book and lifestyle retailer, reported third quarter financial results. 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