DavidsTea losing another top executive, months after the arrival of new CEO
Posted Jun 7, 2017 04:31:15 PM.
Last Updated Jun 7, 2017 05:00:23 PM.
This article is more than 5 years old.
MONTREAL – DavidsTea is losing another senior executive as its chief financial officer leaves the specialty tea retailer in July, four months following the arrival of new CEO Joel Silver.
The Montreal-based company says CFO Luis Borgen will depart after five years including its move to become public two years ago.
DavidsTea (Nasdaq:DTEA) says it swung to a $400,000 loss in the first quarter from a $1.5-million profit a year ago.
Sales grew 9.4 per cent to $48.7 million but comparable sales for stores open at least a year — a key retail metric — decreased 5.7 per cent.
Excluding one-time items, the adjusted loss was $1.1 million or four cents per share, two cents better than forecasts by analysts polled by Thomson Reuters.
That compared to profits of $1.5 million or six cents per share a year earlier.