Freshii records million-dollar loss in first quarter amid ongoing COVID-19 closures
Posted May 12, 2021 10:15 am.
Last Updated May 12, 2021 10:24 am.
TORONTO — Freshii Inc. has recorded a million-dollar loss in its first quarter as many of its restaurants remain temporarily closed due to COVID-19.
The Toronto-based company reported a net loss of $1.05 million for the 13 weeks ended March 28, compared with a net loss of $2.49 million in the same quarter last year.
It reported an adjusted net loss of $549,000, up from an adjusted net loss of $1.21 million in the first quarter of 2020.
Revenue totalled $2.89 million, down from $4.56 million in the same quarter last year.
Freshii says system-wide sales were $23.3 million in the quarter, compared with $37.2 million last year — a decrease of $13.9 million or 37 per cent.
The company says 43 locations remained temporarily closed at the end of the first quarter out of its 401 stores.
This report by The Canadian Press was first published May 12, 2021.
Companies in this story: (TSX:FRII)
The Canadian Press
