Indigo Books & Music Inc. has announced plans to transform after multiple executive changes and a major cyber attack that brought down its systems. Chief Executive Officer Heather Riesman announced the plan during the company’s second-quarter earnings call on Nov. 7. There are both short term and long term initiatives. However, he did not talk about any specific proposal beyond announcing to strengthen relations with customers.
“We have a long way to go,” Ridgeman said. However, I am confident that we will be able to return Indigo to growth and profitability.
IndiGo spokeswoman Melissa Perry gave a statement when asked for details on the plan. That said, the company will provide more details in the coming months.
The company posted a net loss of $224,000 in the second quarter ended September 30. In the same quarter of the previous year where the loss was 1 crore 59 million dollars. The loss per share stood at 80 percent. The loss per share was 57 percent in the second quarter of the previous year.
The loss was attributed to lower sales and restructuring costs. “It’s going to take some time to see the kind of revenue we want to see,” Riesman said on the second-quarter conference call. But we are definitely moving in the right direction. He did not face any questions in the conference.
He made the comments after the 27-year-old book and home goods company went through several problems. The company now has 171 stores in its network. Riesman retired from the business last August. John Lewis, anthropology and Jigsaw executive Peter Ruiz, took over the company. He left Indigo last September. Riesman returned to the post of chief executive soon after.
