TORONTO — Freshii Inc. says its net income plummeted to US$103,000 in the first quarter despite higher sales and revenues.
The Toronto-based eatery says its net income for the period ended March 31 decreased from US$431,000 or one cent per share a year earlier.
Excluding one-time items, adjusted earnings were cut in half to US$517,000 from about US$1 million in the prior period.
Freshii, which reports in U.S. dollars, says total revenues, which includes its franchised shops and its company-owned stores, rose seven per cent to $5.2 million while system-wide sales were up nearly 11 per cent to $43.2 million from $39 million.
Same-store sales — a key retail metric — decreased 0.9 per cent, compared with growth of 1.6 per cent in the year prior.
The company ended the quarter with 446 stores after opening 21 locations and closing 14.
Companies in this story: (TSX:FRII)
The Canadian Press