(Toronto) Roots posted a first-quarter loss of $8 million on Thursday, compared to a loss of $5.3 million for the same period last year, as sales fell on demand for its popular hoodies .
According to CEO Meghan Roach, these results are in line with the company’s internal projections and reflect a changing economic environment.
The fashion apparel and accessories retailer said its loss per share was 19 cents for the quarter ended April 30, compared to 13 cents in the first quarter a year ago.
Quarterly sales totaled 41.5 million, up from 43.1 million last year.
Direct-to-consumer sales reached 35.4 million, down from 37.4 million in the previous first quarter.
Partner sales and other sales, which include wholesale sales of Roots-branded products, licensing to partner manufacturers and sales of some custom products, totaled $6.1 million, up from 5.7 million from last year.
Ms. Roach said the company has seen some strength in sales of dresses, skirts and exercise apparel.
“While sluggish demand for our traditional sweatpants led to a decline in sales on a year-over-year basis, the successful expansion of our product range underscores the brand’s ability to diversify and attract new consumers. Ms. Roach said in a statement.
Company in this post: (TSX: ROOT)