Ransomware fallout, softer demand weigh on Indigo’s first-quarter … – Financial Post
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TORONTO — The aftereffects of a ransomware attack and challenging macroeconomic conditions weighed on Indigo Books & Music Inc.‘s first-quarter results, said chief executive officer Peter Ruis.
Indigo’s search engine optimization was heavily affected by the attack, which happened in February, affecting the company’s online traffic from internet searches, he said on a call with analysts Aug. 11.
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“While we have made substantial progress to achieve almost full operational function by the end of the quarter, the ransomware attack did have a material impact on quarterly sales,” he said.
The company’s ability to replenish inventory was also challenged, which impacted its retail and online assortment, while consumers were more sensitive to prices, he said.
The remarks by Ruis 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.
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source: https://news.oneseocompany.com/2023/08/11/ransomware-fallout-softer-demand-weigh-on-indigos-first-quarter-financial-post_2023081148830.html
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