The Globe and Mail reports in its Friday edition that Roots has posted a first-quarter loss of $8-million compared with a loss of $5.3-million a year earlier, as its sales edged down on lower demand for sweatpants.
A Canadian Press dispatch to The Globe says that Roots chief executive officer Meghan Roach says the results aligned with the company's internal projections and reflected a challenging economic environment.
The retailer says the loss amounted to 19 cents per diluted share for the quarter ended April 30 compared with a loss of 13 cents per diluted share in the same quarter last year.
Sales in the quarter totalled $41.5-million, down from $43.1-million a year ago.
Roots says the decline in sales came as its direct-to-consumer sales amounted to $35.4-million, down from $37.4-million in the same quarter last year.
Partner and other sales, which includes wholesale Roots branded products, licensing to select manufacturing partners and the sale of certain custom products, totalled $6.1-million, up from $5.7-million a year ago. Roots closed Thursday at $2.99, down six cents on the Toronto Stock Exchange.
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