DavidsTea Inc. has kept the leadership of the company within the family as its co-founder who retired from the company’s board of directors is replaced by his wife, the former CEO of Le Château.
The beverage company, which completed creditor proceedings itself, said principal investor Herschel Segal retired and Jane Silverstone Segal replaced him as Chairman. Their daughter Sarah, who is chief executive also joins them on the board.
DavidsTea reveals its net income increased in its latest quarter in spite of a 19 percent drop in sales as it gained from its restructuring plan activities.
In the second quarter, the company earned $75.5 million or $2.75 per diluted share, against $2.61 million or 10 cents per share last year when it closed all but 18 Canadian stores.
Meanwhile, adjusted losses were $2.02 million or seven cents per share, against a loss of $1.72 million or six cents per share in the second quarter of 2020.
Cumulative revenues for the three months ended July 31 were $18.7 million, against $23 million in the prior-year quarter when sales were completely online.