David's Tea trims third-quarter adjusted loss as new openings boost sales

MONTREAL – David’s Tea trimmed its adjusted net loss in the third quarter as sales rose 32 per cent with the addition of new stores.

The Montreal-based company (Nasdaq:DTEA) lost $800,000 excluding one-time charges and costs related to its initial public offering.

That compared with an adjusted loss of $1.7 million a year earlier.

The net loss for the period ended Oct. 31 was $870,000, higher than the $228,000 net loss a year earlier.

Revenues grew to $36.3 million as sales from existing stores rose 6.3 per cent.

David’s Tea added 18 locations in the quarter in Canada and the United States to reach a network of 183 stores.