Outdoor lifestyle brand Roots sales were 108.2 million Canadian dollars in the fourth quarter, down 2.9 percent. DTC sales of 97.8 million Canadian dollars were down 0.8 percent year-over-year.
Total sales decreased 3.5 percent to 262.7 million Canadian dollars in FY2023 and DTC sales were 222.5 million Canadian dollars, down 3.8 percent.
The company said in a release that the positive omni-channel traffic experienced throughout the quarter was offset by declines in conversion and sales growth in core fleece and active categories were offset by declines in certain seasonal collections, including colder weather outerwear and accessories.
"We continue to take significant steps to enhance our operations, strengthen our relationships with our customers, and make exceptional products. I remain confident in the longer-term growth prospects for the brand as the market normalises," commented Meghan Roach, president & CEO of Roots.
The company’s P&O sales (wholesale Roots branded products, licensing to select manufacturing partners and the sale of certain custom products) amounted to 10.5 million Canadian dollars in the fourth quarter, down 18.9 percent. P&O sales for the full year amounted to 40.2 million Canadian dollars compared to 40.9 million Canadian dollars in F2022.
Gross profit for the quarter reached 63.4 million Canadian dollars, an increase of 0.7 percent, while gross margin of 58.6 percent rose 210 bps. Net income increased to 14.6 million Canadian dollars or 0.36 Canadian dollars per share, while adjusted EBITDA amounted to 23.2 million Canadian dollars.
FY23 gross profit was 152.5 million Canadian dollars, a decline of 2.9 percent, while gross margin was 58 percent, up 30 bps. Net income dropped to 1.8 million Canadian dollars or 0.05 Canadian dollars per share and adjusted EBITDA declined to 19.9 million Canadian dollars.
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