DAVIDsTEA Inc. (DTEA) Reports Q3 EPS of $0.09 on Revenues of $26.2M

DAVIDsTEA Inc. (NASDAQ: DTEA) reported Q3 EPS of $0.09, versus ($0.34) reported last year. Revenue for the quarter came in at $26.2 million, versus $39.5 million reported last year.

“Sarah and Frank have demonstrated strong leadership and know-how in the face of the ongoing challenges DAVIDsTEA has faced and have both been instrumental in setting the strategic vision and executing our ongoing transformation into a digital-first organization, better adapted to evolving consumer behaviour. On behalf of the Board, I congratulate them on their well-deserved appointments as DAVIDsTEA embarks on a new and exciting chapter,” stated Herschel Segal, DAVIDsTEA’s Chairman and Founder.

“As one of the leading tea merchants in North America, DAVIDsTEA is on a new path, squarely focused on becoming a more agile organization. I look forward to continuing to work with our talented team as we build a stronger and more focused DAVIDsTEA, and solidify our position as a digital-first, industry leading provider of on-trend, high-quality loose-leaf tea, tea accessories and gifts. Our shift towards e-commerce and wholesale continues to progress above our expectations and our latest results clearly indicate that we are making good progress,” said Sarah Segal.

“With the continued solid momentum in our e-commerce and wholesale channels, combined with the benefits of our restructuring process, adjusted EBITDA was in positive territory for a second consecutive quarter and reached $3.3 million. Sales traction for both channels during the quarter remained strong, translating to more than 145% growth over the prior year. I look forward to continuing to work closely with the management team in place as we position the Company for a sustainable future,” said Frank Zitella.

For earnings history and earnings-related data on DAVIDsTEA Inc. (DTEA) click here.

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