Clothing retailer Roots reports $4.9M Q1 loss, sales up nearly 25 per cent

TORONTO – Roots Corp. reported a loss of $4.9 million in its latest quarter as its sales rose nearly 25 per cent compared with a year ago at the start of the pandemic.

The clothing retailer says the loss amounted to 12 cents per diluted share for the quarter ended May 1.

The result compared with a loss of $7.8 million or 18 cents per diluted share a year ago.

Sales in what was the company’s first quarter totalled $37.3 million, up from $29.9 million in the same quarter last year.

Roots says its stores were closed due to the pandemic for about 30 per cent of the quarter compared with about half of the same quarter last year.

On an adjusted basis, Roots says it lost 10 cents per share in its latest quarter compared with an adjusted loss of 22 cents per share a year ago.

This report by The Canadian Press was first published June 11, 2021.

Companies in this story: (TSX:ROOT)