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Jays, Tempo Partnerships Not Enough to Save Roots From $10.1-Million Loss in Q1
Quarterly sales rose to $42.6 million as Roots weighed a possible sale and reported an adjusted loss of 19 cents per share.
- On Friday, Toronto-based retailer Roots Corp. reported a $10.1 million loss in its first quarter as it continues a strategic review that could result in a potential sale of the business.
- Launched in March, the strategic review aimed to maximize shareholder value; Chief Executive Meghan Roach stated Friday that Roots will not share updates until a transaction is approved.
- Quarterly sales reached $42.6 million, up from $40.0 million last year, driven by direct-to-consumer sales of $35.8 million and new collections for the Jays and WNBA.
- Roots is transitioning to Metro Supply Chain for merchandise distribution; Chief Financial Officer Leon Wu explained the strategy minimizes inventory transfers and reduces potential sales returns during the second quarter.
- While war in the Middle East has increased global shipping costs, Wu noted that Roots has not yet seen an impact on fuel surcharges due to long-term partner contracts.
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Winnipeg Free PressReposted by 
Coast Reporter
Coast ReporterRoots reports $10.1-million first-quarter loss, sales up from year ago
TORONTO - Roots Corp. reported a loss of $10.1 million in its first quarter as it continued its review of strategic alternatives, including the possible sale of the company.
·Winnipeg, Canada
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Partnerships Not Enough To Save Roots Corp. From $10.1-million Loss In Q1
Buzzy Toronto Blue Jays and Tempo apparel wasn’t enough to save Roots Corp.’s latest quarter. On Jun. 12, the Toronto-based retailer reported a loss of $10.1 million in its first quarter, compared with $7.9 million a year earlier. It came as the company continued its strategic review, which it has warned could result in a sale of the business, and as it pushed sports collaborations in stores. Roots released a 50th anniversary collection for the …
Coverage Details
Total News Sources9
Leaning Left3Leaning Right0Center4Last UpdatedBias Distribution57% Center
Bias Distribution
- 57% of the sources are Center
57% Center
L 43%
C 57%
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