The bookseller said its net income for the 13 weeks ending Dec. 30 was $10 million, down from $34.3 million in the same period in 2022. In a release, CEO Heather Reisman called the results “disappointing.” (The Logic)

Talking point: The company’s revenue also dropped 12 per cent, or about $52 million year over year. In a conference call with analysts, Indigo CFO Craig Loudon blamed lower sales on “a less successful product assortment, which was missing key top-selling holiday products.” As part of Reisman’s transformation plan that began late last year, the company has been trying to return to its book-selling roots. Wider discounting to reconfigure its merchandise offerings and “customers’ greater price sensitivity” in the current economic environment also hurt sales, he said. In its earnings release, Indigo said it has extended its credit facility with Trilogy Retail Holdings, which is controlled by Reisman’s husband and Indigo board member Gerald Schwartz. Schwartz’s companies, Trilogy Retail and Trilogy Investments, last week made an unsolicited offer to take Indigo private.