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DavidsTea Inc. sales fall $1.5M in first quarter

DavidsTea Inc. sales fall $1.5M in first quarter | iNFOnews.ca
The sign at the Nasdaq MarketSite announces the IPO for DavidsTea, Friday, June 5, 2015 in New York. DavidsTea Inc. saw sales slip in its most recent quarter, despite a gain in tea sales online and at grocery stores. The Montreal-based company says its sales for the first quarter were $44.3 million — down $1.5 million or 3.3 per cent from $45.8 million in the same quarter the previous year. THE CANADIAN PRESS/AP, Mark Lennihan

MONTREAL – DavidsTea Inc. saw sales slip in its most recent quarter, despite a gain in tea sales online and at grocery stores.

The Montreal-based company says its sales for the first quarter were $44.3 million — down $1.5 million or 3.3 per cent from $45.8 million in the same quarter the previous year.

E-commerce and wholesale sales rose 9.3 per cent or $600,000.

Its net loss for the quarter ended May 4 was about $4 million or 15 cents per share compared to $1.2 million or five cents per share in the first quarter of 2018.

Interim CEO Herschel Segal says the company is “confident that our ongoing initiatives will lead to a return to positive sales in the near future.”

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