DavidsTea banks on Loblaw to aid turnaround
MONTREAL - DavidsTea Inc. (DTEA.OQ) saw sales slip in its most recent quarter, despite a gain in tea sales online and at grocery stores.
The Montreal-based company says its sales for the first quarter were $44.3 million -- down $1.5 million or 3.3 per cent from $45.8 million in the same quarter the previous year.
E-commerce and wholesale sales rose 9.3 per cent or $600,000.
Its net loss for the quarter ended May 4 was about $4 million or 15 cents per share compared to $1.2 million or five cents per share in the first quarter of 2018.
Interim CEO Herschel Segal says the company is "confident that our ongoing initiatives will lead to a return to positive sales in the near future."