Retailer Roots reports fourth-quarter profit and sales down from year ago

TORONTO – Roots Corp. reported its fourth-quarter profit fell compared with a year ago as its sales also moved lower.

The retailer says it earned $13.0 million or 31 cents per diluted share for the quarter ended Jan. 28, down from a profit of $18.1 million or 42 cents per diluted share a year earlier.

Overall sales totalled $111.5 million in the quarter, down from $121.3 million.

The drop came as its corporate retail store and e-commerce sales fell to $98.5 million compared with $110.6 million a year ago.

Roots says the result was primarily driven by economic headwinds and an intensified promotional environment.

Partner and other sales totalled $12.9 million for the quarter, up from $10.7 million a year ago, helped by higher sales to the company’s partner in Taiwan, growth in the wholesale of Roots-branded products to select partners, and favourable foreign exchange impacts.

This report by The Canadian Press was first published April 5, 2023.

Companies in this story: (TSX:ROOT)