Overview

• First-quarter revenue rose 22.5% to C$107.8 million, led by a 23.8% jump in direct-to-consumer sales to C$78.1 million and an 11.9% gain in wholesale.
• Comparable sales grew 14.8% year-over-year, marking seven consecutive months of positive same-store results.
• Operating losses widened to C$158.7 million from C$96.9 million a year earlier, driven by a C$43.8 million arbitration award and increased retail and marketing investments.
• Adjusted net loss expanded to C$0.91 per share, steeper than the C$0.62 deficit analysts had forecast.
• Net debt fell 29.3% to C$541.7 million on stronger cash balances and lower borrowings, and Bain Capital is reportedly weighing a sale of its controlling stake.