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Roots Corp
Symbol ROOT
Shares Issued 40,247,614
Close 2024-04-10 C$ 2.56
Market Cap C$ 103,033,892
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Globe/CP say Roots increases Q4 profit to $14.6-million

2024-04-11 08:13 ET - In the News

The Globe and Mail reports in its Thursday edition that Roots' fourth-quarter profit rose to $14.6-million, up from $13-million a year earlier. A Canadian Press dispatch to The Globe says the profit amounted to 36 cents per share, up from 31 cents a year earlier. Its gross margin reached 58.6 per cent, up from 56.5 per cent a year earlier. Despite buzzy collaborations with Barbie and streetwear brand Clot, the fourth-quarter drop came as Roots said its direct-to-consumer sales, which include its corporate retail stores and e-commerce sales, totalled $97.8-million, down from $98.5-million a year earlier. Sales with its various partners totalled $10.5-million for the period ended Feb. 3, down from $12.9-million last year, because of a company decision to not continue business with a wholesale partner. Roots' $14.6-million profit amounted to 36 cents per share, up from 31 cents a year earlier. Its gross margin reached 58.6 per cent, up from 56.5 per cent a year earlier. Chief executive officer Meghan Roach considered the quarterly numbers a "solid performance" despite the headwinds. Ms. Roach said Roots would be focused on improving the company's product margins by reducing costs in many cases without hampering quality.

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