Times Colonist E-edition

Roots reports $8M Q1 loss, sales down from year ago

TORONTO — Roots Corp. reported a firstquarter loss of $8 million compared with a loss of $5.3 million a year earlier as its sales edged down on lower demand for its popular sweatpants.

Roots chief executive Meghan Roach said the results aligned with the company’s internal projections and reflected a challenging economic environment.

The retailer said 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 said 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.

Roach noted the company’s strength in sales of its dresses, skirts and activewear. “Our success in broadening our product range underscores the capacity of the brand to diversify and attract new customers,” Roach said in statement. —

BUSINESS MARKETS

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2023-06-09T07:00:00.0000000Z

2023-06-09T07:00:00.0000000Z

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