Another retailer in Burnaby is seeing its sales continue to be sluggish.
Roots Corp., which operates a large store in Burnaby’s Metropolis at Metrotown mall, reported a loss of $4.9 million in its latest quarter as its sales rose nearly 25 per cent compared with a year ago at the start of the pandemic.
The clothing retailer says the loss amounted to 12 cents per diluted share for the quarter ended May 1. The result compared with a loss of $7.8 million or 18 cents per diluted share a year ago.
Sales in what was the company's first quarter totalled $37.3 million, up from $29.9 million in the same quarter last year. Roots says its stores were closed due to the pandemic for about 30 per cent of the quarter compared with about half of the same quarter last year.
On an adjusted basis, Roots says it lost 10 cents per share in its latest quarter compared with an adjusted loss of 22 cents per share a year ago.
This news follows the closure of fashion retailer Little Mountain in Metropolis at Metrotown.
The company also operates stores in Gastown and Langley, selling everything from jeans to skirts to dresses, with most prices under $100. The company also focused on selling clothing that was designed and made in Canada.
This news follows the announcement that men's fashion chain Boys' Co. plans to cease operations early in 2022, owner David Goldman told Glacier Media’s Business in Vancouver on June 3.
His three-store, 37-year-old retailer operates stores in Metro Vancouver, at Coquitlam Centre and at Guildford Town Centre, in Surrey – as well as Metropolis at Metrotown in Burnaby.
The closures are another blow to Metropolis at Metrotown, which has seen a long list of retailers close forever during the COVID-19 pandemic due its impacts on businesses.
Businesses that have closed in the past year at Metropolis include Godiva chocolates, Rocky Mountain Soap Company, David’s Tea, Microsoft, Pink, Freddy Pants and Frank & Oak.
Le Chateau also closed up its Metrotown store after several decades in Burnaby.
- With additional reporting by Glen Korstrom, Business in Vancouver, and Jess Balzer
