DAVIDsTEA Inc. (Nasdaq:DTEA) (“DAVIDsTEA” or the “Company”), a
leading tea merchant in North America, announces its fourth quarter
and full year results for the period ended January 30, 2021.
“As a more agile organization, DAVIDsTEA can now
rapidly align its business strategies with evolving consumer
preferences. In a very short period, we have successfully pivoted
to a digital first organization, as we continue to connect with our
customers in new ways. We remain focused on expanding our
omnichannel fulfillment capabilities in our retail locations, our
subscription community and our service capacity with virtual tea
guides online. Our ongoing transformation is best exemplified by
online sales now representing over 80% of annual sales compared to
only 22% in 2019. A continued focus on tea excellence, innovation
and product development are key to our ability to retain our loyal
customers as well as attract new audiences of tea consumers. While
we are proud of what we have achieved as a team to date, we remain
cognizant of the ongoing challenges of a transformation that is
underway, but not yet completed. We are committed to a sustainable
future for our beloved brand and tea community,” said Sarah Segal,
Chief Executive Officer and Chief Brand Officer.
“We are pleased with our results as the fourth
quarter marks our third consecutive quarter of positive Adjusted
EBITDA. We have made significant progress in our drive to stabilize
DAVIDsTEA by playing to our core strengths and strengthening the
foundation of our business. The continued migration of sales to a
virtual experience and shifting to best-in-class customer service
execution are essential to our success, and our reduced retail
footprint complements our expanding online and wholesale business.
The formal restructuring process under the CCAA continues and was
recently extended until the beginning of June. Negotiations and an
agreement with creditors remain the critical next step for
DAVIDsTEA,” said Frank Zitella, President, Chief Financial and
Operating Officer.
Operating Results for the Fourth Quarter
of Fiscal 2020
Three Months Ended January 30, 2021 compared to
Three Months Ended February 1, 2020
Sales. Sales decreased 45.3% to $40.2 million
from $73.5 million in the fourth quarter of Fiscal 2019. On March
17, 2020, in response to the COVID-19 pandemic, the Company
temporarily closed all its retail stores in Canada and the United
States, and subsequently, as part of its formal Restructuring Plan,
exited all of its brick and mortar stores except for 18 Canadian
stores which were reopened on August 21, 2020. Accordingly, brick
and mortar sales for the quarter declined when compared to the
prior year quarter by $50.5 million or 90.7% to $5.2 million. Sales
from e-commerce and wholesale channels increased by $17.1 million
or 95.9% to $35.0 million, from $17.9 million in the prior year
quarter. E-commerce and wholesale sales represented 87.1% of sales
compared to 24.3% of sales in the prior year quarter.
Gross Profit. Gross profit of $15.6 million for
the three months ended January 30, 2021 decreased by $23.4 million
or 60.0% from the prior year quarter due primarily to a decline in
sales during the period. As the Company pivots to a digital-first
strategy, the cost of delivery and distribution that is included in
arriving at gross profit will compare unfavorably to prior periods
that were predominantly focused on retail sales distribution. The
significant increase in e-commerce sales resulted in an increase of
$1.7 million in delivery and distribution costs, thereby negatively
impacting gross profit percentage. As a result, gross profit as a
percentage of sales declined to 38.9% for the three-month period
ended January 30, 2021 from 53.1% in the prior year quarter. We
expect that the increased cost to deliver online purchases will be
less than the selling expenses incurred in a brick and mortar
environment that have been historically included as part of
Selling, general and administration expenses.
Selling, General and Administration Expenses
(“SG&A”). Selling, general and administration expenses
decreased by $34.5 million or 76.5% to $10.6 million in the three
months ended January 30, 2021 from the prior year quarter.
Excluding the impact of the $1.1 million wage subsidy received
under the Canadian government COVID-19 Economic Response Plan in
Fiscal 2020, and the impact in Fiscal 2019 of the impairment of
property and equipment and right-of use assets amounting to $10.7
million, Adjusted SG&A decreased by $22.7 million to $11.6
million. In connection with our Restructuring Plan, we terminated
the leases for all of our stores in North America except for 18
Canadian stores which reopened on August 21, 2020. As a result,
wages, salaries and employee benefits were reduced by $13.9
million, and we realized a reduction of $3.5 million in
amortization expenses due to a lower right-of-use asset value at
the beginning of the period. Adjusted SG&A as a percentage of
sales in the quarter decreased to 28.9% from 46.7% in the prior
year quarter.
Results from Operating Activities. Loss from
operating activities was $27.2 million as compared to a loss of
$6.0 million in the prior year quarter. Excluding the impact of the
Restructuring Plan announced on July 8, 2020, the wage subsidy
received from the Canadian government under the COVID-19 Economic
Response Plan, the impact of the impairment of property and
equipment and right-of-use assets and the loss on disposal of
property and equipment, Adjusted operating income amounted to $4.0
million in the three-month period ended January 30, 2021 compared
to $4.8 million in the prior year quarter. This resulting decrease
of $0.8 million is explained by a reduction of the gross profit of
$23.4 million, partially offset by a reduction in wages, salaries
and employee benefits from stores and head office, amounting to
$13.9 million, a reduction of $3.5 million in amortization expense
due to a lower right-of-use asset value at the beginning of the
period, and a reduction of other brick and mortar selling expenses
of $3.9 million.
Finance Costs. Finance costs amounted to almost
nil in the three months ended January 30, 2021, a decrease of $1.4
million from the prior year quarter. The interest expense relates
to the accounting for lease liabilities with variable lease
arrangements and has decreased from the prior year quarter.
Finance Income. Finance income of almost nil is
derived mainly from interest on cash on hand and has decreased
slightly $0.2 million from the prior year quarter.
EBITDA and Adjusted EBITDA. EBITDA, which
excludes non-cash and other items in the current and prior periods,
was negative $25.9 million in the quarter ended January 30, 2021
compared to a negative $1.1 million in the prior year quarter
representing a decrease of $24.8 million over Fiscal 2019. Adjusted
EBITDA for the quarter ended January 30, 2021, which excludes the
impact of stock-based compensation expense, the impairment of
property and equipment and right-of-use assets, the Restructuring
plan activities, net, the wage subsidy received from the Canadian
Government under the COVID-19 Economic Response Plan, and the loss
on disposal of property and equipment amounted to $5.4 million
compared to $10.0 million for the same period in the prior year.
The decrease in Adjusted EBITDA, of $4.6 million, is an outcome of
the decline in gross profit partially offset by the reduction in
adjusted SG&A.
Recovery of Income Tax. Recovery of income tax
amounted to nil compared to $1.5 million in the prior year quarter.
The prior year recovery is due to an adjustment of the provision
for uncertain tax provision.
Net Loss. Net loss was $27.2 million in the
quarter ended January 30, 2021 compared to a Net loss of $5.7
million in the prior year quarter. Adjusted net income, which
excludes the Restructuring plan activities, the subsidy received
from the Canadian Government under the COVID-19 Economic Response
Plan, the impairment of property and equipment and right-of-use
assets, and the recovery for uncertain tax positions amounted to
$4.0 million compared to $3.5 million in the prior year quarter.
This $0.5 million improvement is driven by the same reasons
mentioned above in“Results from operating activities”.
Fully Diluted Net Loss per Share. Fully diluted
net loss per common share was $1.00 compared to a net loss of $0.21
in the fourth quarter of Fiscal 2019. Adjusted fully diluted net
income per common share, which is Adjusted net income on a
fully-diluted weighted average shares outstanding basis, was $0.15
per share compared to $0.13 per share in the same quarter of prior
year.
Cash on Hand. At the end of the fourth quarter
of Fiscal 2020, the Company had cash amounting to $30.2 million.
Our cash position enables us to execute our strategy and invest
further in funding working capital, transformative technology
improvements and related infrastructure. Upon creditor acceptance
of a Plan of Arrangement and ratification by the Court, we will
have to fund the payment of this settlement amount from cash on
hand as the Company does not have any credit facilities.
Operating Results for the Fiscal Year
Ended January 30, 2021
Full Year Ended January 30, 2021 compared to
Year Ended February 1, 2020
Sales. Sales for Fiscal 2020 decreased by 38.1%,
or by $74.8 million, to $121.7 million from $196.5 million in
Fiscal 2019. On March 17, 2020, in response to the COVID-19
pandemic, the Company announced the temporary closures of all its
retail stores in Canada and the United States, and subsequently, as
part of its Restructuring Plan, exited all of its brick and mortar
stores except for 18 Canadian stores which were reopened on August
21, 2020. Accordingly, brick and mortar sales declined by $129.7
million or 84.1% when compared to the prior year. Sales from our
e-commerce and wholesale channels increased $54.9 million or 129.8%
to $97.2 million, from $42.3 million in prior year as we shifted to
a digital first strategy to address consumers changing shopping
habits. For Fiscal 2020, e-commerce and wholesale sales represented
79.9% of total sales as opposed to 21.5% in prior year.
Gross Profit. Gross profit decreased by 54.2%
and $58.8 million, to $49.7 million in Fiscal 2020 in comparison to
Fiscal 2019 due primarily to a decline in sales during the year.
Gross profit as a percentage of sales declined to 40.9% for the
year ended January 30, 2021 from 55.3% in the prior year. As the
Company pivots to a digital first strategy, the cost of delivery
and distribution that is included in arriving at gross profit will
compare unfavorably to prior periods that were predominantly
focused on retail sales distribution. The significant increase in
e-commerce sales during the year ended January 30, 2021 resulted in
an increase of $11.0 million in delivery and distribution costs. We
expect that the increased cost to deliver online purchases will be
less than the selling expenses incurred in a brick and mortar
environment that have been historically included as part of
Selling, general and administration expenses.
Selling, General and Administration Expenses.
SG&A decreased by $88.8 million or 65.7%, to $46.5 million in
Fiscal 2020. Excluding the impact of the impairment of property and
equipment and right-of-use assets, and the wage subsidy received
from the Canadian Government under the COVID-19 Economic Response
Plan in the year ended January 30, 2021 which amounted to $1.9
million, Adjusted SG&A decreased by $69.1 million for the year
ended January 30, 2021. This is mostly explained by the closure of
our stores effective March 17, 2020 and the reopening of 18 stores
on August 21, 2020. As a result, wages, salaries and employee
benefits were reduced by $45.1 million and we realized a reduction
of $11.9 million in amortization expense due to a lower
right-of-use asset value at the beginning of Fiscal 2020. As a
percentage of sales, Adjusted SG&A decreased to 39.8% from
59.8% due to lower selling expenses resulting from the now
permanent closure of our 206 stores effective March 17, 2020 and
the reopening of 18 stores on August 21, 2020.
Results from Operating Activities. Loss
from operating activities in Fiscal 2020 was $53.1 million as
compared to a loss of $26.7 million in Fiscal 2019. Excluding the
impact of the Restructuring plan activities, the impairment of
property and equipment and right-of-use assets, the wage subsidy
received from the Canadian Government under the COVID-19 Economic
Response Plan, and the loss on disposal of property and equipment,
Adjusted operating income of $1.3 million compared to a loss of
$8.9 million in Fiscal 2019. This resulting improvement of $10.2
million is explained by reduction in wages, salaries and employee
benefits, from stores and head office, amounting to $45.1 million
and an $11.9 million reduction in amortization expense due to a
lower right-of-use asset value at the beginning of Fiscal 2020, and
a reduction of other selling expenses of $9.1 million, partially
offset by the reduction of gross profit of $58.8 million.
Finance Costs. Finance costs amounted to $3.3
million in the year ended January 30, 2021, a decrease of $3.5
million from the prior year. The interest expense relates to lease
liabilities and has decreased from the prior year due to the store
closures and variable rent on remaining stores.
Finance Income. Finance income of $0.4 million
is derived mainly from interest on cash on hand and has decreased
slightly from $0.8 million in the prior year.
EBITDA and Adjusted EBITDA. EBITDA was negative
$45.6 million in the year ended January 30, 2021 compared to
negative $7.3 million in Fiscal 2019, representing a decrease of
$38.2 million over Fiscal 2019. Adjusted EBITDA for the year ended
January 30, 2021, which excludes the impact of stock-based
compensation expense, the impairment of property and equipment and
right-of-use assets, the Restructuring plan activities, the wage
subsidy received from the Canadian Government under the COVID-19
Economic Response Plan, and the loss on disposal of property and
equipment amounted to $9.7 million compared to $11.4 million in the
same period in the prior year. The decrease in Adjusted EBITDA, of
$1.7 million, is an outcome of the decline in gross profit
partially offset by the reduction in SG&A.
Recovery of Income Tax. Recovery of income tax
amounted to nil compared to $1.5 million in Fiscal 2019. The prior
year recovery is due to the adjustment of the provision for
uncertain tax provision. Our effective tax rates were nil and 4.6%
in Fiscal 2020 and 2019, respectively. The effective tax rate
decreased primarily from the increase of the unrecognized deferred
income tax assets and an adjustment to the provision for uncertain
tax position in the current year.
Net Loss. Net loss was $55.9 million in the year
ended January 30, 2021 compared to a net loss of $31.2 million in
the prior year. Adjusted net loss, which excludes the impact from
the impairment of property and equipment and right-of-use assets,
the Restructuring plan activities, the subsidy received from the
Canadian Government under the COVID-19 Economic Response Plan, loss
on disposal of property and equipment, and the recovery for
uncertain tax position was a loss of $1.5 million compared to a
loss of $14.9 million in the prior year. This $13.4 million
improvement is driven by the same reasons mentioned above in
Results from operating activities partially offset by lower
recovery for uncertain tax position compared to the prior
year. Net Loss per Share. Fully diluted net loss per
common share was $2.14 in Fiscal 2020 compared to $1.20 in Fiscal
2019. Adjusted fully diluted loss per common share, which is
adjusted net loss on a fully-diluted weighted average shares
outstanding basis, was $0.06 per share in Fiscal 2020 compared to
$0.57 per share in Fiscal 2019.
Liquidity and Capital
Resources
As at January 30, 2021, we had $30.2 million of
cash primarily held by major Canadian financial institutions.
Working capital, adjusted for liabilities subject to compromise
amounting to $100.6 million, was $62.7 million as at January 30,
2021, compared to $36.4 million as at February 1, 2020. In light of
implementing the Restructuring Plan, the Company expects to use
cash on hand to pay for professional fees and for the settlement of
obligations, which is expected to be significant, upon acceptance,
if any, of a plan of arrangement that will be presented to
creditors.
Our primary source of liquidity is cash on hand
as we have no access to any form of debt financing. Our primary
cash needs are to finance working capital and capital expenditures
in connection with enhancing the functions and features of our
online store. Capital expenditures typically vary depending on the
timing of infrastructure-related and technology investments. During
Fiscal 2020, capital expenditures totaled $0.9 million. We devoted
approximately 53% of our capital expenditures to make continued
investments in our technology infrastructure. The remainder of the
capital expenditures was used to enhance existing stores.
Our working capital requirements are for the
purchase of inventory and payment of payroll and other operating
costs. Our working capital requirements fluctuate during the year,
rising in the second and third fiscal quarters as we take title to
increasing quantities of inventory in anticipation of our peak
selling season in the fourth fiscal quarter. We fund our capital
expenditures and working capital requirements from a combination of
cash on hand and cash provided by operating activities.
As at January 30, 2021, the Company has
financial commitments in connection with the purchase of goods or
services that are enforceable and legally binding on the Company,
exclusive of additional amounts based on sales, taxes and other
costs. Purchase obligations, net of $6.8 million of advances,
amounting to $14.1 million (2019 - $11.5 million), are expected to
be discharged within 12 months.
Status of CCAA Proceedings
On March 19, 2021, DAVIDsTEA announced that the
Québec Superior Court extended the previously announced stay of all
proceedings against the Company to June 4, 2021 under the
Companies’ Creditors Arrangement Act (Canada).
Condensed Consolidated Financial Data(Canadian
dollars, in thousands, except per share information)
|
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For the three months ended |
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For the twelve months ended |
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January 30, |
|
|
February 1, |
|
|
January 30, |
|
|
February 1, |
|
|
|
2021 |
|
|
2020 |
|
|
2021 |
|
|
2020 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales |
|
$ |
40,189 |
|
|
$ |
73,538 |
|
|
$ |
121,686 |
|
|
$ |
196,462 |
|
Cost of sales |
|
|
24,544 |
|
|
|
34,457 |
|
|
|
71,953 |
|
|
|
87,886 |
|
Gross profit |
|
|
15,645 |
|
|
|
39,081 |
|
|
|
49,733 |
|
|
|
108,576 |
|
SG&A expenses |
|
|
10,581 |
|
|
|
45,050 |
|
|
|
46,464 |
|
|
|
135,306 |
|
Restructuring plan activities,
net |
|
|
32,310 |
|
|
|
— |
|
|
|
56,327 |
|
|
|
— |
|
Operating income (loss) |
|
|
(27,246 |
) |
|
|
(5,969 |
) |
|
|
(53,058 |
) |
|
|
(26,730 |
) |
Finance costs |
|
|
13 |
|
|
|
1,446 |
|
|
|
3,273 |
|
|
|
6,751 |
|
Finance income |
|
|
(37 |
) |
|
|
(214 |
) |
|
|
(399 |
) |
|
|
(784 |
) |
Loss before income taxes |
|
|
(27,222 |
) |
|
|
(7,201 |
) |
|
|
(55,932 |
) |
|
|
(32,697 |
) |
Recovery of income tax |
|
|
- |
|
|
|
(1,500 |
) |
|
|
— |
|
|
|
(1,500 |
) |
Net loss |
|
$ |
(27,222 |
) |
|
$ |
(5,701 |
) |
|
$ |
(55,932 |
) |
|
$ |
(31,197 |
) |
|
|
|
|
|
|
|
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|
|
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|
|
|
|
|
|
|
|
|
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|
|
|
|
|
|
|
|
EBITDA1 |
|
$ |
(25,918 |
) |
|
$ |
(1,097 |
) |
|
$ |
(45,564 |
) |
|
$ |
(7,334 |
) |
Adjusted EBITDA1 |
|
|
5,384 |
|
|
|
9,971 |
|
|
|
9,650 |
|
|
|
11,359 |
|
Adjusted SG&A expenses
1 |
|
|
11,631 |
|
|
|
34,346 |
|
|
|
48,397 |
|
|
|
117,526 |
|
Adjusted operating income
(loss) 1 |
|
|
4,014 |
|
|
|
4,813 |
|
|
|
1,337 |
|
|
|
(8,850 |
) |
Adjusted net income (loss)
1 |
|
$ |
4,039 |
|
|
$ |
3,503 |
|
|
$ |
(1,538 |
) |
|
$ |
(14,917 |
) |
|
|
|
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|
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|
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Basic and fully diluted loss
per common share |
|
$ |
(1.00 |
) |
|
$ |
(0.21 |
) |
|
$ |
(2.14 |
) |
|
$ |
(1.20 |
) |
Adjusted fully diluted income
(loss) per common share1 |
|
$ |
0.15 |
|
|
$ |
0.13 |
|
|
$ |
(0.06 |
) |
|
$ |
(0.57 |
) |
Gross profit as a percentage
of sales |
|
|
38.9 |
% |
|
|
53.1 |
% |
|
|
40.9 |
% |
|
|
55.3 |
% |
SG&A as a percentage of
sales |
|
|
26.3 |
% |
|
|
61.3 |
% |
|
|
38.2 |
% |
|
|
68.9 |
% |
Adjusted SG&A as a
percentage of sales1 |
|
|
28.9 |
% |
|
|
46.7 |
% |
|
|
39.8 |
% |
|
|
59.8 |
% |
|
|
|
|
|
|
|
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash provided by (used in)
operating activities |
|
$ |
8,626 |
|
|
$ |
24,878 |
|
|
$ |
(11,269 |
) |
|
$ |
33,108 |
|
Cash used in financing
activities |
|
|
(182 |
) |
|
|
(5,859 |
) |
|
|
(6,003 |
) |
|
|
(23,192 |
) |
Cash (used in) provided by
investing activities |
|
|
(172 |
) |
|
|
(726 |
) |
|
|
1,132 |
|
|
|
(5,652 |
) |
Increase (decrease) in cash
during the period |
|
|
8,272 |
|
|
|
18,293 |
|
|
|
(16,140 |
) |
|
|
4,264 |
|
Cash, end of period |
|
$ |
30,197 |
|
|
$ |
46,338 |
|
|
$ |
30,197 |
|
|
$ |
46,338 |
|
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|
January 30, |
|
|
October 31, |
|
|
August 1, |
|
|
May 2, |
|
As at |
|
2021 |
|
|
2020 |
|
|
2020 |
|
|
2020 |
|
Cash |
|
$ |
30,197 |
|
|
$ |
21,925 |
|
|
$ |
34,285 |
|
|
$ |
39,343 |
|
Accounts and other
receivables |
|
|
6,157 |
|
|
|
7,669 |
|
|
|
6,757 |
|
|
|
4,371 |
|
Prepaid expenses and
deposits |
|
|
14,470 |
|
|
|
13,400 |
|
|
|
8,476 |
|
|
|
4,928 |
|
Inventories |
|
|
23,468 |
|
|
|
26,176 |
|
|
|
24,354 |
|
|
|
23,450 |
|
Trade and other payables |
|
$ |
4,152 |
|
|
$ |
3,621 |
|
|
$ |
6,460 |
|
|
$ |
18,000 |
|
|
|
|
|
|
|
|
|
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________________
1 Please refer to “Use of Non-IFRS Financial
Measures” in this press release.
Use of Non-IFRS Financial
Measures
This press release includes “non-IFRS financial
measures” defined as including: 1) EBITDA and Adjusted EBITDA, 2)
Adjusted operating income (loss), 3) Adjusted SG&A expenses, 4)
Adjusted net income (loss), 5) Adjusted fully diluted income (loss)
per common share and 6) Adjusted SG&A expenses as a percentage
of sales. These non-IFRS financial measures are not defined by or
in accordance with IFRS and may differ from similar measures
reported by other companies. We believe that these non-IFRS
financial measures provide knowledgeable investors with useful
information with respect to our historical operations. We present
these non-IFRS financial measures as supplemental performance
measures because we believe they facilitate a comparative
assessment of our operating performance relative to our performance
based on our results under IFRS, while isolating the effects of
some items that vary from period-to-period but not in substitution
to IFRS financial measures.
Please refer to the non-IFRS financial measures
section in the Management’s Discussion and Analysis section of our
Form 10-K for a reconciliation to IFRS financial measures.
Note
This release should be read in conjunction with the Company’s
Management’s Discussion and Analysis, which will be filed by the
Company with the Canadian securities regulatory authorities on
www.sedar.com and with the U.S. Securities and Exchange Commission
on www.sec.gov and will also be available in the Investor Relations
section of the Company’s website at www.davidstea.com.
Caution Regarding Forward-Looking
Statements
This press release includes statements that
express our opinions, expectations, beliefs, plans or assumptions
regarding future events or future results and there are, or may be
deemed to be, “forward-looking statements” within the meaning of
the Private Securities Litigation Reform Act of 1995 (the “Act”).
The following cautionary statements are being made pursuant to the
provisions of the Act and with the intention of obtaining the
benefits of the “safe harbor” provisions of the Act. These
forward-looking statements can generally be identified by the use
of forward-looking terminology, including the terms “believes”,
“expects”, “may”, “will”, “should”, “approximately”, “intends”,
“plans”, “estimates” or “anticipates” or, in each case, their
negatives or other variations or comparable terminology. These
forward-looking statements include all matters that are not
historical facts and include statements regarding our intentions,
beliefs or current expectations concerning, among other things, our
Restructuring Plan, the COVID-19 pandemic, our strategy of
transitioning to e-commerce and wholesale sales, future sales
through our e-commerce and wholesale channels, future lease
liabilities, our results of operations, financial condition,
liquidity and prospects, the impact of the COVID-19 pandemic on the
global macroeconomic environment, and our ability to avoid the
delisting of the Company’s common stock by Nasdaq due to the
restructuring or our inability to maintain compliance with Nasdaq
listing requirements.
While we believe these opinions and expectations
are based on reasonable assumptions, such forward-looking
statements are inherently subject to risks, uncertainties and
assumptions about us, including the risk factors discussed in Part
I, “Item 1A. Risk Factors” in our Annual Report on Form 10-K for
our fiscal year ended January 30, 2021, filed with both the United
States Securities and Exchange Commission and with the Autorité des
marchés financiers, which could materially affect our business,
financial condition or future results.
Conference Call Information
A conference call to discuss the fourth quarter
Fiscal 2020 financial results is scheduled for May 3, 2021, at 8:30
am Eastern Time. The conference call will be webcast and may be
accessed via the Investor Relations section of the Company’s
website at ir.davidstea.com. An online archive of the webcast will
be available within two hours of the conclusion of the call and
will remain available for one year.
About DAVIDsTEADAVIDsTEA offers
a specialty branded selection of high-quality proprietary
loose-leaf teas, pre-packaged teas, tea sachets, tea-related
accessories and gifts through its e-commerce platform at
www.davidstea.com and the Amazon Marketplace, its wholesale
customers which include over 2500 grocery stores and pharmacies,
and 18 company-owned stores across Canada. We offer primarily
proprietary tea blends that are exclusive to DAVIDsTEA, as well as
traditional single-origin teas and herbs. Our passion for and
knowledge of tea permeates our culture and is rooted in an
excitement to explore the taste, health and lifestyle elements of
tea. With a focus on innovative flavours, wellness-driven
ingredients and organic tea, the Company launches seasonally driven
“collections” with a mission of making tea accessible to a wide
audience. The Company is headquartered in Montréal, Canada.
Investor Contact |
Media Contact |
Maison Brison Communications |
PELICAN PR |
Pierre Boucher |
Lyla Radmanovich |
514-731-0000 |
514-845-8763 |
investors@davidstea.com |
media@rppelican.ca |
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