(Toronto) Roots on Wednesday posted fourth-quarter earnings down from the same period a year earlier, as its sales also fell.
The apparel and accessories retailer earned a profit of 13.0 million, or 31 cents per share, for the quarter ended Jan. 28, which compared to a profit of 18.1 million, or 42 cents per share , for the same period last year.
Overall sales totaled 111.5 million in the quarter, up from 121.3 million a year earlier.
Sales at corporate stores and e-commerce fell to 98.5 million in the most recent quarter from 110.6 million a year earlier.
Roots attributed these results primarily to economic headwinds and an intensified promotional environment.
Partner and other sales totaled 12.9 million in the fourth quarter, down from 10.7 million a year earlier. They were fueled by stronger sales from Roots’ partner in Taiwan, growth in wholesale of Roots-branded products to selected partners and the favorable impact of the exchange rate.