DAVIDSTea earnings (NASDAQ:DTEA) were below the mark as the company’s loss widened when comparing it to its year-ago quarter, sending its stock sliding late in the day on Thursday afternoon.
Source: Burnaby Now
The tea accessory seller, based out of Toronto, Ontario in Canada, said that its third quarter of its fiscal 2018 included a loss of $9.1 million, or 35 cents per share. This number was wider than the company’s loss from its third quarter of the previous fiscal year, when its loss reached roughly $6.5 million, or about 25 cents per share.
DAVIDSTea added that for the same quarter, its net loss came in at $7.4 million on an adjusted, or approximately 28 cents per share. In the third quarter of its fiscal 2017, the company added that it brought in a net loss of $4.5 million, or 17 cents per share.
The company also saw its same-store sales for the period take a hit of about 4.7% when compared to its third quarter of its fiscal 2017. DAVIDSTea’s revenue did increase 1.5% compared to the tea accessory seller’s year-ago quarter to $43.7 million from its previous total of roughly $43 million.
DTEA stock was down about 20.6% after the bell on Thursday, due in part to the decline in the company’s same-store sales. Shares had been on the rise during the company’s regular trading period for the day, sending its stock up about 5.9% in anticipation for its results.
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