DavidsTea Inc. brewed its first annual profit in seven years as it capped a recovery year by swinging to a profit in the fourth quarter.
The Montreal-based beverage company, which has dramatically restructured its operations, earned $78.1 million in fiscal 2021. That compared with a loss of $55.9 million a year earlier.For the three months ended Jan. 29, DavidsTea earned $1.3 million or five cents per diluted share, compared with a quarterly loss of $27.2 million or $1 per share in the year-ago period.
Quarterly revenues decreased less than one per cent to $39.9 million from $40.2 million a year earlier, while full-year revenues fell 14.5 per cent to $104.1 million from $121.7 million in 2020.
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