Roots Corp. (ROOT) has reported a fiscal first-quarter net loss of $8 million, which was 50% greater than a loss of $5.3 million a year earlier.
The Toronto-based retailer blamed the poor result on declining sales and lower demand for its sweatpants and other clothing items.
Roots said the fiscal Q1 loss equaled -$0.19 per share for the three months ended April 30 compared with a loss of -$0.13 per share in the same period a year earlier.
The company’s revenue in the quarter amounted to $41.5 million, down 4% from $43.1 million a year ago.
Roots said the decline in revenue came as its direct-to-consumer sales fell 5% to $35.4 million in the quarter. The company stressed that sales of its dresses, skirts and activewear improved during Q1.
Roots’ stock has declined 8% in the last 12 months to trade at $2.99 per share.
