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Here is why DAVIDsTEA Inc. (DTEA) stock slide down on Tuesday?

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DAVIDsTEA Inc. (DTEA) shares declined 24.85% in after-hours on Tuesday, September 14, 2021, and closed the daily trading at $2.48. Even in the regular trading on Tuesday, DTEA’s stock lost 2.65%. DTEA shares have risen 230.00% over the last 12 months, and they have moved down 8.33% in the past week. Over the past three months, the stock has lost 37.85%, while over the past six months, it has slid down 26.67%.

Let’s have a look at its recent news and developments.

DTEA latest financial news

On September 14, 2021, DAVIDsTEA Inc. (DTEA) announced its second-quarter results for the period ended July 31, 2021 (all amounts are expressed in Canadian dollars).

Q2 2021 financial highlights

  • DTEA reported total sales of $18.7 million in Q2 2021 compared to $23.0 million in Q2 2020.
  • In Q2 2021, the gross profit was $8.0 million, compared to $8.34 million in Q2 2020.
  • Selling, general and administrative expenses were $9.1 million in Q2 2021 compared to $ 7.4 million in Q2 2020.
  • It suffered a net loss of $75.5 million in the quarter ended July 31, 2021, compared to a Net income of $2.6 million in the prior-year quarter.
  • Fully diluted earnings per common share were $2.75 in Q2 2021 compared to fully diluted earnings per common share of $0.10 in Q2 2020.
  • EBITDA was $75.5 million in Q2 2021 compared to $5.4 million in the prior-year quarter.

DTEA product availability expansion

On September 09, 2021, DAVIDsTEA Inc (DTEA), announced the expanded availability of its tea sachets, pre-packs and samplers in over 110 Rexall pharmacies, a leading Canadian drugstore operator.

DAVIDsTEA has expanded its presence from 5 to 46 Rexall locations in Central Canada since June.

DTEA New Spin on Pumpkin Spice

On August 31, 2021, DAVIDsTEA Inc (DTEA), launched its most extensive collection of pumpkin spice-inspired teas for fall 2021. Infusions and accessories are now available at all 18 DAVIDsTEA flagship stores across Canada and online at davidstea.com. DAVIDsTEA Pumpkin Collection is available in eight different flavours.

DTEA annual & special  meeting

On June 17, 2021, DAVIDsTEA Inc. (DTEA) annual and special meeting of shareholders was held in which the five nominees listed in its management information circular were elected as directors.

DAVIDsTEA’s shareholders also re-appointed Ernst & Young LLP, Chartered Professional Accountants, as DAVIDsTEA’s auditor, during the meeting.

DTEA Recognition Order from U.S. Bankruptcy Court

On June 17, 2021, DAVIDsTEA Inc. (DTEA) obtained a recognition order from the United States Bankruptcy Court for the District of Delaware recognizing a sanction order issued yesterday by the Québec Superior Court, all in connection with DAVIDsTEA’s plan of arrangement under the Companies Creditors Arrangement Act. The Recognition Order was issued under Chapter 15 of the United States Bankruptcy Code.

Conclusion

The proposed public offering was the reason behind its plummeting on Tuesday and it can face more negativity in the coming trading sessions.

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