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DavidsTea fiscal Q4 profit climbs YOY

DavidsTea Inc. said its normalized net income for the fiscal fourth quarter ended Jan. 31 amounted to 21 Canadian cents per share, a decrease of 25.6% from 28 cents per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was C$10.1 million, a gain from C$3.2 million in the year-earlier period.

The normalized profit margin increased to 9.3% from 6.9% in the year-earlier period.

Total revenue rose 32.4% year over year to C$61.8 million from C$46.7 million, and total operating expenses grew 31.7% on an annual basis to C$47.7 million from C$36.2 million.

Reported net income rose from the prior-year period to C$12.6 million, or 26 cents per share, from C$1.7 million, or 15 cents per share.

For the year, the company's normalized net income totaled 45 cents per share, compared with a loss of 10 cents per share in the prior year.

Normalized net income was C$9.5 million, compared with a loss of C$1.2 million in the prior year.

Full-year total revenue grew 31.2% year over year to C$141.9 million from C$108.2 million, and total operating expenses grew 28.5% year over year to C$128.0 million from C$99.6 million.

The company said reported net income totaled C$9.1 million, or 43 cents per share, in the full year, compared with a loss of C$6.2 million, or a loss of 52 cents per share, the prior year.