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DavidsTea starts fiscal year by swinging to small profit despite lower sales
by The Canadian Press
Last Updated Jun 15, 2021 at 6:57 pm EDT
MONTREAL DavidsTea started its fiscal year by swinging to a small profit despite seeing sales plunge 28 per cent.
The beverage company says it earned $3.2 million or 12 cents per diluted share for the three months ended May 1.
That compares with a loss of $45.8 million or $1.76 per share a year earlier.
Excluding restructuring charges, federal COVID-19 subsidies and impairment charges, adjusted profits were $1.4 million or five cents per share, versus a loss of $6.7 million or 26 cents per share in the first quarter of 2020.
DavidsTea starts fiscal year by swinging to small profit despite lower sales
Business Related
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A DavidsTea store is seen in Montreal on Wednesday, July 8, 2020. THE CANADIAN PRESS/Paul Chiasson
MONTREAL – DavidsTea started its fiscal year by swinging to a small profit despite seeing sales plunge 28 per cent.
The beverage company says it earned $3.2 million or 12 cents per diluted share for the three months ended May 1.
That compares with a loss of $45.8 million or $1.76 per share a year earlier.
Excluding restructuring charges, federal COVID-19 subsidies and impairment charges, adjusted profits were $1.4 million or five cents per share, versus a loss of $6.7 million or 26 cents per share in the first quarter of 2020.
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MONTREAL - DavidsTea started its fiscal year by swinging to a small profit despite seeing sales plunge 28 per cent.
A DavidsTea store is seen in Montreal on Wednesday, July 8, 2020. THE CANADIAN PRESS/Paul Chiasson
MONTREAL - DavidsTea started its fiscal year by swinging to a small profit despite seeing sales plunge 28 per cent.
The beverage company says it earned $3.2 million or 12 cents per diluted share for the three months ended May 1.
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