Roots reports Q3 sales and profit down from year ago as it faces economic headwinds
By The Canadian Press on December 6, 2023.
TORONTO – Roots Corp. is reporting its third-quarter profit and revenue fell compared with a year ago as it says it faced economic headwinds. The clothing retailer says it earned $519,000 or a penny per share for the quarter ended Oct. 28, down from a profit of $2.2 million or five cents per share in the same quarter last year. Sales totalled $63.5 million for the quarter, down from $69.8 million a year earlier. The company says the drop came as direct-to-consumer sales, which includes its corporate retail stores and e-commerce sales, totalled $52.2 million, down from $56.9 million a year ago. Roots says the drop was driven by lower discounted sales and the tightening of consumer discretionary spending, while full-price sales rose three per cent compared with a year ago. Partner and other sales, which includes wholesale branded products, licensing to manufacturing partners and certain custom products, totalled $11.3 million, down from $12.9 million in the same quarter last year. This report by The Canadian Press was first published Dec. 6, 2023. Companies in this story: (TSX:ROOT) 9-8
