said cooling consumer spending compounded the effects of a ransomware attack against the company in February, dragging down its earnings amid a board of directors shakeup.cyberattack
The loss amounted to $1.78 per diluted share for the 52-week period ended April 1 compared with a profit of $3.3 million or 12 cents per diluted share in the same period a year earlier.“Like the broader retail market, Indigo continues to feel the impacts of the macroeconomic environment on consumer behaviour and costs, which compounded the headwinds from the ransomware attack,” CEO Peter Ruis said Wednesday during a call with analysts. “People are being more cautious.
“However, it has had a material detrimental impact on the company’s fiscal 2023 financial results,” he said. “The company maintains cyber insurance coverage and is in the process of working with its insurer to make claims under the policy for both the business interruption losses and the incremental costs associated with the attack.”The bookstore’s fourth-quarter results were “heavily impacted” by the ransomware attack, the company said.