(Toronto) Roots posted a loss of 3.2 million for its second quarter on Tuesday, compared to a loss of nearly 1.2 million in the same quarter last year, despite a growth of more than 20% in its sales total.
Posted at 11:12 a.m.
The clothing and accessories retailer said its loss per share was 8 cents for the quarter ended July 30, down from 3 cents for the same period last year.
Quarterly sales totaled 47.8 million, compared with revenue of 38.9 million a year earlier.
Sales from company-operated stores and online sales increased to 38.5 million, compared to 30.4 million in the second quarter of last year, while sales from partners and other sales totaled 9 .3 million, whereas they had been 8.5 million last year.
President and CEO Meghan Roach said the company’s strong second-quarter revenue growth was fueled primarily by increased store traffic.
The retailer has also taken proactive steps to mitigate the impact of supply chain challenges by building healthy inventory reserves for the second half of the year, Ms.me Roach.
Company in this post: (TSX: ROOT)