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DavidsTea swings to loss in fiscal Q3

DavidsTea Inc. said its normalized net income for the fiscal third quarter ended Oct. 31 came to a loss of 2 Canadian cents per share, compared with the S&P Capital IQ consensus estimate of a loss of 4 cents per share.

The per-share result swung to a loss from the prior-year profit of 7 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of C$586,880, compared with income of C$885,000 in the prior-year period.

The normalized profit margin fell to negative 1.6% from 3.2% in the year-earlier period.

Total revenue grew 32.3% on an annual basis to C$36.3 million from C$27.4 million, and total operating expenses increased 28.2% on an annual basis to C$37.2 million from C$29.0 million.

Reported net income came to a loss of C$959,080, or a loss of 4 cents per share, compared to a loss of C$240,500, or a loss of 2 cents per share, in the prior-year period.