News

DavidsTea lends Squish up to $2 million despite continued loss in second quarter

DavidsTea lends Squish up to $2 million despite continued loss in second quarter
Business
MONTREAL - DavidsTea Inc. says it is lending candy retailer Squish up to $2 million even though the beverage company continued to lose money in the second quarter.

Squish, whose parent company is Oink Oink Candy Inc., is operated by the daughter of DavidsTea founder and interim CEO Hershel Segal.

His investment firm has guaranteed the loan. The two companies have previously entered into a collaboration agreement.

Montreal-based DavidsTea says it lost $7 million for the three months ended Aug. 3, improved from a $10-million net loss a year earlier.

Excluding one-time items, the adjusted loss was $7 million or 27 cents per share, compared with $3.3 million or 13 cents per share in the second quarter of 2018.

Revenues decreased 2.5 per cent to $39.2 million despite gains in its e-commerce and wholesale channels.

Retail sales declined to $3.8 million as same-store sales fell 9.4 per cent. E-commerce and sales to grocers increased $2.8 million or 52.8 per cent.
Read more on Toronto Star
News Topics :
Similar Articles :
Business
Canadian beverage retailer DavidsTea is evaluating its strategic options more than two years after it went public and soon after rival Teavana shut its doors. The Montreal based company announced the...
Business
MONTREAL Canadian beverage retailer DavidsTea is evaluating its strategic options more than two years after it went public and soon after rival Teavana shut its doors. The Montreal based company...
Business
MONTREAL DavidsTea Inc. says it swung to a loss in its last quarter as onerous contract charges and impairments weighed on its balance sheet. The specialty tea retailer says...
Business
DavidsTea Inc. says it saw sales jump more than 25 per cent in the second quarter as it continued opening new stores as part of its plans to expand. The...
Business
Overall this is a definite positive for the business, CEO Joel Silver said Thursday during a conference call about its second quarter results. He said DavidsTea will particularly benefit at the...