DavidsTea sees Q4 revenue $29.0M-$31.0M, down 25% from last year

DAVIDsTEA provided preliminary sales results for its Q4. "Sales for the Q4 ended January 28 are estimated between $29.0M-$31.0M with the midpoint of the range representing a year-over-year decrease of 25%," noted Frank Zitella, President, CFO and COO. "The anticipated sequential increase in Q4 sales over the Q3 reflects normal seasonality and is consistent with previous years. FY22 revenues are estimated between $80.0M-$82.0M and, using the midpoint of this sales range, amount to a decrease of 22% over the prior year. Our wholesale and retail channels in Canada performed well with year-over-year sales increases in both channels, but not sufficient to offset the decline in our online sales results."