Retailer Roots reports $14.6M Q4 profit, up from $13.0M a year earlier

By The Canadian Press on April 10, 2024.

TORONTO – Roots Corp. reported its fourth-quarter profit rose to $14.6 million, up from $13.0 million a year earlier, as its sales fell nearly three per cent.

The Toronto-based retailer says the profit amounted to 36 cents per share for the quarter ended Feb. 3, up from 31 cents per share a year earlier.

Overall sales totalled $108.2 million compared with $111.5 million in the same quarter last year.

The move lower came as Roots says direct-to-consumer sales, which includes its corporate retail store and e-commerce sales, totalled $97.8 million, down from $98.5 million a year earlier.

The company’s partner and other sales, which includes wholesale Roots branded products, licensing to manufacturing partners and the sale of certain custom products, totalled $10.5 million for its most recent quarter, down from $12.9 million last year.

The company’s gross margin for its fourth quarter amounted to 58.6 per cent, up from 56.5 per cent a year earlier.