home Stock Indigo’s latest earnings were ‘severely hurt’ by the Canada Post strike: CEO

Indigo’s latest earnings were ‘severely hurt’ by the Canada Post strike: CEO

Indigo founder and chief executive officer Heather Reisman said the company had seen double-digit growth until the postal strike began Oct. 23, bringing double-digit declines with it.Peter J. Thompson/National Post files

TORONTO — Indigo Books and Music Inc. said the one-month Canada Post strike last fall “severely hurt” third-quarter earnings, contributing to a roughly 50 per cent drop in net earnings.

The Toronto-based retailer revealed Tuesday that in the period ending Dec. 29 it earned $21.5 million, down from the $42.6 million it reported for the same period the year before.

Indigo’s diluted earnings per share amounted to 79 cents per share, down from $1.56 per share from the year before.