Indigo Books & Music Inc. says its first-quarter loss narrowed to $5.5 million as it cut expenses and sold its eReader business. The book retailer said the loss amounted to 22 cents per share, compared with $24.2 million, or 72 cents per share a year ago. The improvement was due to lower operating costs and better margins. The loss was also reduced because Indigo no longer booked losses from discontinued operations following the sale of Kobo in January. Same-store sales at Indigo and Chapters superstores fell 0.9 per cent, while rising six per cent at smaller format stores like Coles and IndigoSpirit.
