TORONTO - Freshii Inc. reported a roughly half-million second-quarter loss amid the COVID-19 pandemic that saw many of its restaurants temporarily close.
The Toronto-based company reported a loss of $525,000 for the 13 weeks ended June 28 compared with a profit of $433,000 in the same quarter the previous year.
It reported an adjusted net loss of $56,000, down from a profit of $892,000 in the second quarter of 2019.
Revenue totalled $2.6 million for the quarter, down from $5.8 million in the same quarter the previous year. Same-store sales, which measures activity at stores that have been open for at least one year, plummeted 46.5 per cent.
The company says it closed 40 underperforming locations during the quarter, and opened three locations.
The eatery says it has implemented several cost-cutting initiatives, including reducing headquarters staff in early August, which will help fund a $1-million investment over 12 months to accelerate sales recovery by launching a new mobile app and other measures.
Freshii also disclosed on Friday that We Charity co-founder Marc Kielburger has resigned from its board of directors.
“The company thanks Marc for his contributions and perspectives shared during his time on the Company’s board of directors, and wishes him well in his future endeavours.”
With files from BNN Bloomberg