Roots reports bigger first quarter loss as sales hampered by winter storm

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 12 cents per share

Roots says it remains confident that 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. (David Donnelly/CBC)

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, according to Thomson Reuters Eikon.

But Roots says it remains confident that 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.

Total sales for the quarter ended May 5 were up 5.8 per cent to $51 million, from $48.2 million.

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