DAVIDsTEA Inc (NASDAQ:DTEA) reported a widening net loss in its third-quarter results, but quarterly sales were on the rise as the company’s tea made its way to grocery stores earlier this year.
The tea retailer reported a net loss of $0.35 per share compared with a net loss of $0.25 per share in the previous third quarter.
Shares of the Montréal-based company dipped nearly 15% to $1.70 in Thursday after-hours trading.
Quarterly sales totaled $43.7 million, a 1.5% increase compared with sales of $43 million a year ago.
Net loss for the quarter was $9.06 million compared with $6.48 million last year.
The company ended the quarter $18.7 million in cash.
In September, the retailer was steeped in rumors of a possible cannabis-infused beverage, but the company did not confirm anything cannabis-related was in the works.
DAVIDsTEA operates 240 retail stores, offering loose-leaf and prepackaged teas and well as related accessories.