12:39:44 EDT Sun 16 Jun 2024
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Roots Corp
Symbol ROOT
Shares Issued 40,247,614
Close 2024-06-10 C$ 2.13
Market Cap C$ 85,727,418
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Globe/CP say Roots increases Q1 loss to $8.9-million

2024-06-11 09:02 ET - In the News

The Globe and Mail reports in its Tuesday edition that Roots lost $8.9-million in its latest quarter as it missed out on some sales because it did not have enough of its fleece products to keep up with demand and is still seeing shoppers grapple with economic headwinds. A Canadian Press dispatch to The Globe says that the hip retailer's first-quarter results Monday compared with a loss of $8-million a year earlier. The loss amounted to 22 cents a share for the quarter ended May 4, compared with a loss of 19 cents a share a year earlier, while sales totalled $37.5-million for the most recent quarter, down from $41.5-million in the same quarter last year. Meghan Roach, chief executive officer, attributed much of the decline to a fall in corporate retail store and e-commerce sales, which amounted to $31.4-million, down from $35.4-million a year ago. Some of the decline may have come from consumers rethinking purchases because of high inflation and interest rates. Meanwhile, Roots held lower amounts of inventory than it has in the past and resorted to fewer discounts, which may also have weighed on sales. Roots has spent the past few quarters paring down its markdowns, in hopes shoppers will not wait for better deals.

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