Retailer Roots reports $5.3M Q2 loss compared with $3.2M loss a year ago

TORONTO – Retailer Roots Corp. reported a loss of $5.3 million in its latest quarter compared with a loss of $3.2 million a year earlier as its total sales edged higher.

The company says its loss amounted to 13 cents per share for the quarter which ended July 29 compared with a loss of eight cents per share in the same quarter last year.

Sales in what was the company’s second quarter totalled $49.4 million, up from $47.8 million a year earlier.

Roots says its direct-to-consumer sales, which include its corporate retail store and e-commerce sales, amounted to $37.1 million, down from $38.5 million a year ago.

The company says the decrease was driven by a challenging economic conditions and a competitive promotional environment.

Partner and other sales — which include wholesale Roots branded products, licensing to select manufacturing partners and the sale of certain custom products —totalled $12.3 million in the quarter, up from $9.3 million a year ago due to help from more sales to the company’s international operating partner in Taiwan.

This report by The Canadian Press was first published Sept. 12, 2023.

Companies in this story: (TSX:ROOT)