Roots Corp. reported a $1.8-million loss in its latest quarter as its sales fell 38 per cent compared with a year ago owing to the COVID-19 pandemic.
Sales in what was the company’s second quarter totalled $38.2-million, down from $61.7-million a year ago.
The clothing retailer says the drop in sales was owing to temporary store closures, a phased reopening with reduced operating hours and strict physical distancing measures, partially offset by a gain in e-commerce sales that nearly doubled compared with a year ago.
Roots says its loss amounted to four cents a share for the quarter ended Aug. 1, compared with a loss of $9.7-million or 23 cents a share a year ago.
On an adjusted basis, Roots says it lost four cents a share for the quarter, compared with an adjusted loss of 15 cents a share in the same quarter last year.
Analysts on average had expected an adjusted loss of 20 cents a share for the quarter, according to financial markets data firm Refinitiv.
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