Roots Corporation Reports Earnings Results for the Second Quarter and Six Months Ended July 29, 2023
September 12, 2023 at 10:03 am EDT
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Roots Corporation reported earnings results for the second quarter and six months ended July 29, 2023. For the second quarter, the company reported sales was CAD 49.4 million compared to CAD 47.8 million a year ago. Net loss was CAD 5.33 million compared to CAD 3.24 million a year ago. Basic loss per share from continuing operations was CAD 0.13 compared to CAD 0.08 a year ago. Diluted loss per share from continuing operations was CAD 0.13 compared to CAD 0.08 a year ago.
For the six months, sales was CAD 90.9 million compared to CAD 90.87 million a year ago. Net loss was CAD 13.3 million compared to CAD 8.5 million a year ago. Basic loss per share from continuing operations was CAD 0.32 compared to CAD 0.2 a year ago. Diluted loss per share from continuing operations was CAD 0.32 compared to CAD 0.2 a year ago.
Roots Corporation is a global lifestyle brand company. The Company designs, markets, and sells a range of selection of products in different departments, including women's men's, children's, and gender-free apparel, leather goods, footwear, and accessories. It operates through two segments: Direct-to-Consumer and Partners and Other. The Direct-to-Consumer segment comprises of sales through corporate retail stores and the Company's e-commerce Website www.roots.com. The Partners and Other segment consist primarily of the wholesale of Roots-branded products to its international operating partner. The Partners and Other segment also include the Company's sales from its Roots-branded storefront on business-to-consumer marketplace Website Tmall.com in China, the wholesale of Roots-branded products to select retail partners, and the sale of custom Roots-branded products to select business clients. It operates over 100 corporate retail stores in Canada and two stores in the United States.