Canadian clothing retailer Roots Corp. (ROOT) reported that its fiscal fourth-quarter profit declined 28% from a year earlier due to lower sales.
The Toronto-based company said it earned $13 million or 31 cents per share for the quarter ended January 28 of this year, down nearly 30% from a profit of $18.1 million or 42 cents per share a year earlier.
Sales in the quarter totalled $111.5 million, down 8% from $121.3 million in the previous year.
The drop came as Roots’ corporate retail store and e-commerce sales declined 11% to $98.5 million.
Roots blamed the poor results on economic headwinds.
The company’s stock has declined 15% over the past 12 months to trade at $3 per share
