DAVIDsTEA Inc. (DTEA) Reports Q2 Loss of Cdn$0.16/Share
DAVIDsTEA Inc. (NASDAQ: DTEA) reported Q2 EPS of (Cdn$0.16), versus (Cdn$0.09) reported last year. Revenue for the quarter came in at Cdn$45.7 million, versus Cdn$41.1 million reported last year.
Same store sales improved over the first quarter to negative 0.9% from negative 5.7%.
"As we have previously stated, 2017 is a reset year for DAVIDsTEA as we are solidifying and implementing key strategic initiatives to positively impact our results. We are focused on improving the profitability of the Canadian network, which represents approximately 80% of our sales. We have a sound plan that encompasses e-commerce investments and various marketing initiatives. The U.S. business remains a work-in-progress. We will consider closing non-performing stores and will continue considering selective growth opportunities with proven DAVIDsTEA concepts. We have recently solidified the team with strong tea development and merchandising expertise, which we believe will help attain our objectives. We are encouraged with the initial progress we are making to improve DAVIDsTEA's performance, with a goal to continue to set the bar as leaders in the tea industry," stated Mr. Silver.
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