TORONTO — Retailer Roots Corp. reported a loss of nearly $9.7 million in its latest quarter as the company fell short of expectations.
The company says the loss amounted to 23 cents per share for the 13-week period ended Aug. 3 compared with a loss of nearly $4.1 million or 10 cents per share a year earlier.
On an adjusted basis, Roots says it lost 15 cents per share compared with an adjusted loss of six cents per share in the same quarter last year.
Analysts on average had expected a loss of 11 cents per share, according to financial markets data firm Refinitiv.
Overall sales totalled nearly $61.7 million for the quarter, up from nearly $60.2 million in the same quarter last year.
However, comparable sales fell 2.9 per cent due to a drop in store traffic and a delay in the flow of product to stores due to a transition to a new distribution centre, partially offset by better than expected eCommerce sales and benefits from store relocations and renovations.
“We are pleased with the improving trends we have seen moving into Q3,” chief executive Jim Gabel said in a statement.
“We entered the quarter with a more seasonally appropriate offering and consumers are responding well to our back-to-school assortment.”
Companies in this story: (TSX:ROOT)
The Canadian Press