Canadian clothing retailer Roots (ROOT) reported that it lost $3.2 million in the second quarter
from a year earlier despite its sales rising more than 20%.
The Toronto-based company said the Q2 loss amounted to $0.08 per share compared with a
loss of $0.03 a share in the same period last year.
However, sales in the quarter totalled $47.8 million, up 23% from $38.9 million a year ago.
The sales gain resulted from corporate retail store and e-commerce sales rising to $38.5 million
compared with $30.4 million in Q2 2021.
In an earnings call with analysts, Roots executives said that the company has managed to offset
the impact of supply chain challenges, putting it in a strong inventory position for the second half
of this year.
Roots stock is down 2% this year and trading at $3.08 per share.
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