Retailer Roots reports $8.9M Q1 loss, sales down from year ago
By The Canadian Press on June 10, 2024.
TORONTO – Roots Corp. says it lost $8.9 million in its latest quarter compared with a loss of $8.0 million in the same quarter last year. The retailer says the loss amounted to 22 cents per share for the quarter ended May 4, compared with a loss of 19 cents per share a year earlier. Sales for what was the company’s first quarter totalled $37.5 million, down from $41.5 million in the same quarter last year. The decline came as Roots says its direct-to-consumer sales totalled $31.4 million, down from $35.4 million a year ago, while partner and other sales amounted to $6.1 million, compared with $6.1 million in the same quarter last year. Roots chief executive Meghan Roach says the company’s disciplined approach to inventory management resulted in fewer markdown sales, which created short-term downward pressure on revenue in the first quarter. However, she says, the company continued to see positive momentum in many product lines, including solid growth in its adult activewear collection. This report by The Canadian Press was first published June 10, 2024. Companies in this story: (TSX:ROOT) 9-8
