Roots re­ports big­ger Q1 loss, sales hurt by storm

The Welland Tribune - - Business - News ser­vices

TORONTO — Roots Corp. re­ported a loss of $5.6 mil­lion in its fis­cal first quar­ter, an in­crease from the prior year, but also re­ported an im­prove­ment in sales. The loss amounted to 13 cents per share, com­pared with last year’s loss of $5.1 mil­lion, or 12 cents per share. Its ad­justed net loss was $4.5 mil­lion or 11 cents per share, com­pared with $3.6 mil­lion or nine cents per share a year ago. An­a­lysts had ex­pected a loss of nine cents per share. Roots says it re­mains con­fi­dent it will achieve its full-year tar­get of be­tween $35 mil­lion and $40 mil­lion of ad­justed net in­come and be­tween $410 mil­lion and $450 mil­lion of sales for fis­cal 2019. The com­pany be­lieves a win­ter storm af­fect­ing 80 per cent of its store net­work prob­a­bly re­duced sales dur­ing the quar­ter.

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