TORONTO — Roots Corp. says it lost $3.2 million in its latest quarter compared with a loss of nearly $1.2 million a year ago as its total sales rose more than 20 per cent.
The retailer says the loss amounted to eight cents per share for the quarter ended July 30 compared with a loss of three cents per share in the same quarter last year.
Sales in what was the company’s second quarter totalled $47.8 million, up from $38.9 million a year earlier.
The increase came as corporate retail store and e-commerce sales rose to $38.5 million compared with $30.4 million a year ago, while partner and other sales totalled $9.3 million, up from $8.5 million in the same quarter last year.
Roots chief executive Meghan Roach says the company generated strong revenue growth in the second quarter, driven mainly by higher in-store traffic.
Roach also says the retailer has taken proactive steps to mitigate the impact of industry-wide supply chain challenges providing it with a healthy inventory position for the second half of the year.
This report by The Canadian Press was first published Sept. 13, 2022.
Companies in this story: (TSX:ROOT)
