Post by mingzhuon Jun 24, 2020 11:21pm
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Post# 31188892
CEO comments on conference call
CEO comments on conference call"This pandemic is to be sure a seismic, once-in-a-lifetime event. For Indigo, like so many others, the impact has been and will continue to be significant. Deemed by government to be a nonessential retailer, Indigo was forced to shut down its full network of 196 retail stores 2 weeks prior to the end of this quarter. Before the shutdown, we were on track to closing the year with essentially flat adjusted EBITDA, reflecting a $19 million improvement over last year. And we felt that these results were just the beginning of seeing the impact of major changes we began implementing a year ago. We were also heading into the new year, expecting Q1 to be a strong quarter, putting us back on track to real profitability. So much that we have done over the last 12 to 18 months has been to effectively position the company to be able to thrive in a vastly changed environment. Not surprisingly, this trajectory is now being impacted by what will clearly be at least a 10- to 12-month COVID-19 damaging set of conditions."