IVE Group (ASX:IGL) report Coles to scale back printing

Company News

by Rachael Jones

IVE Group (ASX:IGL) has been informed by Coles supermarket (AX:COL) that they intend to scale back its use of the printed medium for catalogues.

From September 9, Coles will stop distribution of its weekly catalogue which goes to around 7 million households each week, distributed by 14,000 walkers.

Instead they will increase the volume of its in store copies and continue to produce the monthly Cole in-store magazine.

The change will reduced IVE's revenue by $35 million to $40 million per annum.

Shares in the IVE Group (ASX:IGL) are trading 18.13 per cent lower at 66 cents.