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DAVIDsTEA sales increased 29%

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Staff writer |
DAVIDsTEA
DAVIDsTEA   Gross profit increased 21%

DAVIDsTEA announced financial results for the thirteen weeks ended May 2, 2015. Sales increased by 29% to C$35.8 million from C$27.8 million in Q1 2014. Comparable sales increased 6.3%.

Gross profit increased 21% to C$19.1 million while gross profit as a percent of sales decreased to 53.3% from 56.6% in the first quarter of fiscal 2014. The decrease in gross profit as a percent of sales was driven primarily by the adverse impact from the stronger U.S. dollar on U.S. dollar denominated purchases, as well as an investment in supply chain.

Selling, general and administration expenses (SG&A) increased to C$21 million from C$13.3 million in the first quarter of fiscal 2014. Excluding IPO-related and other one-time costs, SG&A increased to C$17 million from C$13.3 million in the first quarter of fiscal 2014. As a percent of sales, SG&A excluding these one-time costs decreased to 47.4% from 47.8%.

Results from operating activities were C$(2.0) million as compared to C$2.4 million in the first quarter of fiscal 2014. Excluding the impact of the IPO and other one-time costs, results from operating activities decreased to C$2.1 million from C$2.4 million in the first quarter of fiscal 2014.

The Company opened 7 new stores in the first quarter and ended the quarter with 161 stores in Canada and the U.S. This represents an increase of 28% from the end of the first quarter of fiscal 2014.

Adjusted EBITDA was C$4 million compared to C$3.9 million in the first quarter of fiscal 2014. Adjusted EBITDA excludes IPO-related and other non-cash or one-time costs.

Net income was C$(93.2) million compared to C$1.4 million in the first quarter of fiscal 2014. Adjusted net income, which excludes IPO-related and other one-time costs in the first quarter of fiscal 2015, was C$1.1 million compared to C$1.4 million for the first quarter of fiscal 2014.

Fully diluted income per common share was C$(7.73) compared to C$0.07 in the first quarter of fiscal 2014. Adjusted fully diluted income per common share, which is adjusted net income on an adjusted fully diluted weighted average shares outstanding basis, was C$0.04 per share compared to C$0.06 per share in the first quarter of fiscal 2014.


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