DavidsTea reports higher sales in second-quarter as it opens more stores
MONTREAL – DavidsTea says it saw sales jump more than 25 per cent in the second quarter as it continued opening new stores as part of its plans to expand.
The Montreal-based specialty tea and tea accessory retailer (Nasdaq:DTEA) reported sales of C$41.1 million, up from the C$32.8 million in the same period a year earlier, as it opened 10 new outlets in the quarter ending July 30.
The company had a $2.3 million loss in the quarter compared to losses of $52.1 million a year ago, though that included one-time costs such as those associated with its initial public offering last year.
Its adjusted net income loss in the second quarter excluding one-time costs was $2.3 million this year compared to $1.6 million in 2015.
DavidsTea ended the quarter with a total of 208 stores in Canada and the U.S., an increase of 26 per cent from the end of the second quarter of fiscal 2015.
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