Roots Corp. ROOT-T reported a loss of $21.7-million in its fourth quarter as it took a large non-cash impairment charge.
The retailer says the loss amounted to 54 cents per share for the quarter ended Feb. 1 as it recorded a $50-million impairment charge on intangible assets.
The result compared with a profit of $14.6-million or 36 cents per share a year earlier.
On an adjusted basis, Roots says it earned 40 cents per share in its latest quarter compared with an adjusted profit of 36 cents per share a year earlier.
Total sales for the quarter amounted to $110.8-million, up from $108.2-million in the same quarter last year.
Direct-to-consumer sales totalled $101.2-million, up from $97.8-million a year ago, while partner and other sales amounted to $9.6-million, down from $10.5-million.
