DavidsTea Inc. swung to a loss in its latest quarter as revenues decreased 15% from the prior year.
The Montreal-based beverage company says it lost $1.86 million or seven cents per diluted share in the third quarter, compared with a profit of $14.5 million or 54 cents per share a year earlier.
The adjusted net loss excluding one-time items such as restructuring activities, wage and rent subsidies was $1.8 million or seven cents per share, compared with a profit of $2.3 million or nine cents per share in the third quarter of 2020.
Revenues for the three months ended Oct. 30 were $4 million lower at $22.2 million with e-commerce and wholesale sales down 23% to $17.1 million. However, sales were up 18.5% from the second quarter.
It has also opened six holiday pop-up shops in addition to its 18 retail stores in Canada.