Roots (ROOT) is raising prices and scaling back its promotions as the retailer struggles with
inflation that is at a 30-year high in Canada.
At the same time, the Toronto-based company announced that it is reintroducing “Beaver
Canoe,” a 1980s outdoor clothing line that includes a diamond-shaped logo featuring a beaver
and trees. The brand will relaunch this summer to celebrate the retailer’s 40th anniversary.
Roots reported $43.1 million in sales in its most recent quarter, up from $37.3 million in the
same quarter of 2021. The increase is due to all of Roots’ stores being open during the quarter,
compared with about 70% a year ago.
Overall, Roots reported a first-quarter loss of $5.3 million compared with a loss of $4.9 million in
the same quarter a year earlier. The loss equaled $0.13 per share for the quarter ended April 30
compared with a year earlier loss of $0.12 a share.
Roots stock is up 2% year to date at $3.20 a share.
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