DavidsTea Inc. says it saw sales jump more than 25 per cent in the second quarter as it continued opening new stores as part of its plans to expand.
The Montreal-based specialty tea and tea accessory retailer reported sales of $41.1-million, up from the $32.8-million in the same period a year earlier, as it opened 10 new outlets in the quarter ending July 30.
The company had a $2.3-million loss in the quarter compared with losses of $52.1-million a year ago, though that included one-time costs such as those associated with its initial public offering last year.
Its adjusted net income loss in the second quarter excluding one-time costs was $2.3-million this year compared with $1.6-million in 2015.
DavidsTea ended the quarter with a total of 208 stores in Canada and the U.S., an increase of 26 per cent from the end of the second quarter of fiscal 2015.Report Typo/Error