DAVIDSTea earnings (NASDAQ:DTEA) were below the mark as the company’s loss widened when comparing it to its year-ago quarter, sending its stock sliding late in the day on Thursday afternoon.
The tea accessory seller, based out of Toronto, Ontario in Canada, said that its third quarter of its fiscal 2018 included a loss of $9.1 million, or 35 cents per share. This number was wider than the company’s loss from its third quarter of the previous fiscal year, when its loss reached roughly $6.5 million, or about 25 cents per share.
DAVIDSTea added that for the same quarter, its net loss came in at $7.4 million on an adjusted, or approximately 28 cents per share. In the third quarter of its fiscal 2017, the company added that it brought in a net loss of $4.5 million, or 17 cents per share.
The company also saw its same-store sales for the period take a hit of about 4.7% when compared to its third quarter of its fiscal 2017. DAVIDSTea’s revenue did increase 1.5% compared to the tea accessory seller’s year-ago quarter to $43.7 million from its previous total of roughly $43 million.
DTEA stock was down about 20.6% after the bell on Thursday, due in part to the decline in the company’s same-store sales. Shares had been on the rise during the company’s regular trading period for the day, sending its stock up about 5.9% in anticipation for its results.