Retailer Roots reports $1.2M second-quarter loss, sales up from year ago

TORONTO — Roots Corp. reported a second-quarter loss of $1.2 million compared with a loss of $1.8 million in the same quarter last year as its sales edged higher.

The retailer says the loss amounted to three cents per diluted share for the 13-week period ended July 31 compared with a loss of four cents per diluted share a year earlier.

Sales in the quarter totalled $38.9 million, up from $38.2 million.

Roots says the increase in sales came despite its stores in Ontario being closed for about 60 per cent of the quarter compared with 45 per cent of the same quarter last year.

The retailer started the quarter with 68 corporate retail stores and five pop-ups locations temporarily closed, but reopened all but one store by the end of the quarter.

On an adjusted basis, Roots says it lost a penny per share in the quarter compared with an adjusted loss of four cents per share last year.

This report by The Canadian Press was first published Sept. 10, 2021.

Companies in this story: (TSX:ROOT)

The Canadian Press

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