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Investor Relations - Corporate Documents
The subject who is truly loyal to the Chief Magistrate will neither advise nor submit to arbitrary measures. TO , Canada's largest book, gift and specialty toy retailer, delivered a 16 th straight quarter of topline comparable growth to achieve its highest ever second-quarter revenue. Total comparable sales, which includes both online sales and comparable store sales, increased by 2. Revenue growth was driven by continued double digit growth in the general merchandise business, with exceptional growth in the Lifestyle and Toy categories. The core trade book business remains healthy, showing growth over last year, excluding the impact of Harry Potter and the Cursed Child.
This decline in sales was the result of a strategic shift to reduce promotional activity to improve profitability and eliminate unprofitable sales. Together with stronger inventory management, this strategic shift led to margin rate improvements of 0. Additionally, the general merchandise business continues to be affected by softer discretionary spending in certain categories core to the Company, while the book business has sustained historical trends. While we continue to face many of the same headwinds from last year, strategic steps to recharge growth, increase productivity and improve profitability are well underway. We remain confident in our investments over the long term and in the steps we are taking. This decline in profitability was attributed to the decline in sales and restructuring costs, partially offset by lower selling, administrative and other expenses as the Company continues its cost-cutting initiatives. Additionally, the Company's loss position was unfavourably impacted by higher amortization in the current period, driven by an increase in the Company's capital asset base from growth in recent years.
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TSX: IDG , Canada's largest book, gift and specialty toy retailer, delivered its highest ever quarterly revenues and a 17 th straight quarter of topline comparable growth. Total comparable sales, which include both online sales and comparable store sales, increased by 7. Revenue growth was driven by double digit growth in all areas of the general merchandise business. The core book business remains healthy, showing growth over last year. Our performance across all channels and categories is a clear reflection of the success of our "Every gift tells a story" seasonal message, the strength of our brand and the passion of our customers for our reimagined cultural department store concept.