Shares of DAVIDsTEA Inc. were lower in Tuesday’s late-trading session, after the company reported second-quarter financial results which showed sales declined in the period.
At 5:14 p.m. ET, the company’s shares had fallen 8.82% to trade at $1.24 a share. The stock finished the day’s regular session with a 0.74% gain, closing at $1.36 a share.
After the bell Tuesday, the company reported a second-quarter loss per share of 18 Canadian cents on sales of C$15.2 million. In the year-ago period, the company reported earnings per share of C$2.75 on sales of C$18.7 million.
Sarah Segal, the company’s chief executive and chief brand officer, said, DAVIDsTEA’s wholesale business in Canada expanded in the second quarter. She also said, “Primarily within our online channel, we experienced a slowdown in the second quarter of 2022 with sales and profitability decreasing year-over-year mainly due to an uncertain macroeconomic environment dampening demand in the short-term and the effect of restructuring to a new business model.”
The company also said it is launching a new sachet format that will be available starting later this month.