Canadian clothing retailer Roots Corp. (ROOT) has reported a loss of $5.3 million for its latest quarter, which is 65% greater than the loss of $3.2 million the company reported a year ago.
The Toronto-based company said its latest loss amounted to $0.13 per share for the quarter ended July 29 compared with a loss of $0.08 a share in the same quarter of 2022.
Sales in Roots’ fiscal second quarter totalled $49.4 million, up 3% from $47.8 million a year earlier.
Roots said its direct-to-consumer sales, which includes both its retail stores and e-commerce sales, amounted to $37.1 million, down 4% from $38.5 million a year earlier.
The company blamed the latest loss on challenging economic conditions and a competitive environment.
Roots’ stock has declined 8% over the past 12 months to trade at $2.90 per share.