DavidsTea swings to $1.86-million loss in third quarter on drop in revenues
Advertisement
Read this article for free:
or
Already have an account? Log in here »
To continue reading, please subscribe:
Digital Subscription
One year of digital access for only $205*
- Enjoy unlimited reading on winnipegfreepress.com
- Read the E-Edition, our digital replica newspaper
- Access News Break, our award-winning app
- Play interactive puzzles
*First annual payment billed as $205.00 + GST for one year. This annual subscription will automatically renew at $233.00 + GST every 52 weeks (10% off the regular annual price of $259.35). Offer available to new and qualified returning subscribers only. Cancel any time.
To continue reading, please subscribe:
Add Free Press access to your Brandon Sun subscription for only an additional
$1 for the first 4 weeks*
- Enjoy unlimited reading on winnipegfreepress.com
- Read the E-Edition, our digital replica newspaper
- Access News Break, our award-winning app
- Play interactive puzzles
*Your next Brandon Sun subscription payment will increase by $1.00 and you will be charged $17.95 plus GST for four weeks. After four weeks, your payment will increase to $24.95 plus GST every four weeks.
Read unlimited articles for free today:
or
Already have an account? Log in here »
Hey there, time traveller!
This article was published 14/12/2021 (1691 days ago), so information in it may no longer be current.
MONTREAL – DavidsTea Inc. swung to a loss in its latest quarter as revenues decreased 15 per cent from the prior year.
The Montreal-based beverage company says it lost $1.86 million or seven cents per diluted share in the third quarter, compared with a profit of $14.5 million or 54 cents per share a year earlier.
The adjusted net loss excluding one-time items such as restructuring activities, wage and rent subsidies was $1.8 million or seven cents per share, compared with a profit of $2.3 million or nine cents per share in the third quarter of 2020.
Revenues for the three months ended Oct. 30 were $4 million lower at $22.2 million with e-commerce and wholesale sales down 23 per cent to $17.1 million. However, sales were up 18.5 per cent from the second quarter.
Chief executive Sarah Segal says the company continues to expand its digital footprint and wholesale business with products available in more than 1,200 Loblaw grocery and pharmacy stores.
It has also opened six holiday pop-up shops in addition to its 18 retail stores in Canada.
This report by The Canadian Press was first published Dec. 14, 2021.
Note to readers: This is a corrected story. An earlier version said DavidsTea is a Toronto-based company. In fact, it is headquartered in Montreal.
