Image from : THE CANADIAN PRESS / AP, Mark Lennihan
DavidsTea losses more than triple in first quarter ahead of proxy battle
Source CTV News
Embattled beverage retailer DavidsTea says its net loss more than
tripled on weaker sales in the first quarter of its fiscal year just
days before a proxy battle comes to a head.
The Montreal-based company lost $1.2 million for the period ended May 5, compared with a loss of $362,000 a year earlier.
That translated into a loss of five cents per diluted share, versus a loss of one cent in the first quarter of 2017.
Excluding costs of "onerous contracts" and those related to a strategic
review and proxy contest, the adjusted net loss was $1.7 million or
seven cents per diluted share. A year earlier, it lost $1.1 million or
four cents per share.
Revenues fell six per cent to $45.8 million from $48.7 million.