DavidsTea (DTEA) reported a third quarter loss of $1.86 million as the company’s revenues decreased 15% from a year earlier.
The Toronto-based beverage firm 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.
Revenues for the three months ended October 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.
Chief executive officer (CEO) Sarah Segal says the company continues to expand its digital footprint and wholesale business with products available in more than 1,200 Loblaw grocery and pharmacy stores.
DavidsTea has also opened six holiday pop-up shops in addition to its 18 retail stores in Canada.
