Cover
Cover - shares | 3 Months Ended | |
Apr. 30, 2022 | Jun. 10, 2022 | |
Cover [Abstract] | ||
Entity Registrant Name | DAVIDsTEA Inc. | |
Entity Central Index Key | 0001627606 | |
Document Type | 10-Q | |
Amendment Flag | false | |
Current Fiscal Year End Date | --01-29 | |
Entity Small Business | false | |
Entity Shell Company | false | |
Entity Emerging Growth Company | false | |
Entity Current Reporting Status | Yes | |
Document Period End Date | Apr. 30, 2022 | |
Entity Filer Category | Non-accelerated Filer | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2023 | |
Entity Common Stock Shares Outstanding | 26,444,745 | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity File Number | 001-37404 | |
Entity Incorporation State Country Code | Z4 | |
Entity Tax Identification Number | 98-1048842 | |
Entity Interactive Data Current | Yes | |
Entity Address Address Line 1 | 5430 Ferrier | |
Entity Address Address Line 2 | Mount-Royal | |
Entity Address City Or Town | Québec | |
Entity Address Country | CA | |
Entity Address Postal Zip Code | H4P 1M2 | |
City Area Code | 888 | |
Local Phone Number | 873-0006 | |
Security Exchange Name | NASDAQ | |
Trading Symbol | DTEA | |
Security 12b Title | Common shares, no par value per share |
INTERIM CONSOLIDATED BALANCE SH
INTERIM CONSOLIDATED BALANCE SHEETS - CAD ($) $ in Thousands | Apr. 30, 2022 | Jan. 29, 2022 |
Current | ||
Cash | $ 22,680 | $ 25,107 |
Accounts and other receivables | 3,197 | 3,209 |
Inventories | 28,359 | 31,048 |
Prepaid expenses and deposits | 4,479 | 4,142 |
Total current assets | 58,715 | 63,506 |
Property and equipment | 699 | 775 |
Intangible assets | 2,094 | 2,234 |
Right-of-use assets | 11,437 | 12,087 |
Total assets | 72,945 | 78,602 |
Current | ||
Trade and other payables | 8,966 | 12,300 |
Deferred revenue | 5,353 | 5,434 |
Current portion of lease liabilities | 2,413 | 2,364 |
Total current liabilities | 16,732 | 20,098 |
Non-current portion of lease liabilities | 9,558 | 10,189 |
Total liabilities | 26,290 | 30,287 |
Equity | ||
Share capital | 113,540 | 113,534 |
Contributed surplus | 2,805 | 2,507 |
Deficit | (72,653) | (70,671) |
Accumulated other comprehensive income | 2,963 | 2,945 |
Total equity | 46,655 | 48,315 |
Total liabilities and equity | $ 72,945 | $ 78,602 |
INTERIM CONSOLIDATED STATEMENTS
INTERIM CONSOLIDATED STATEMENTS OF NET (LOSS) INCOME AND COMPREHENSIVE (LOSS) INCOME (Unaudited) - CAD ($) $ in Thousands | 3 Months Ended | |
Apr. 30, 2022 | May 01, 2021 | |
INTERIM CONSOLIDATED STATEMENTS OF NET (LOSS) INCOME AND COMPREHENSIVE (LOSS) INCOME (Unaudited) | ||
Sales | $ 20,435 | $ 23,249 |
Cost of sales | 11,471 | 12,481 |
Gross profit | 8,964 | 10,768 |
Selling, general and administration expenses | 10,806 | 9,194 |
Restructuring plan activities, net | 0 | (1,602) |
Results from operating activities | (1,842) | 3,176 |
Finance costs | 171 | 10 |
Finance income | (39) | (55) |
Net (loss) income | (1,974) | 3,221 |
Other comprehensive income: | ||
Cumulative translation adjustment | 18 | 812 |
Other comprehensive income, net of tax | 18 | 812 |
Total comprehensive (loss) income | $ (1,956) | $ 4,033 |
Net (loss) earnings per share: | ||
Basic | $ (0.07) | $ 0.12 |
Fully diluted | $ (0.07) | $ 0.12 |
Weighted average number of shares outstanding: | ||
Basic | 26,426,055 | 26,296,690 |
Fully diluted | 26,426,055 | 27,400,840 |
INTERIM CONSOLIDATED STATEMEN_2
INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - CAD ($) $ in Thousands | 3 Months Ended | |
Apr. 30, 2022 | May 01, 2021 | |
OPERATING ACTIVITIES | ||
Net (loss) income | $ (1,974) | $ 3,221 |
Items not affecting cash: | ||
Depreciation of property and equipment | 76 | 388 |
Amortization of intangible assets | 140 | 403 |
Amortization of right-of-use assets | 650 | 159 |
Loss on liabilities subject to compromise | 0 | (2,148) |
Interest on lease liabilities | 167 | 10 |
Stock-based compensation expense | 310 | 182 |
Sub-total | (631) | 2,215 |
Net change in non-cash working capital balances related to operations | (1,047) | (908) |
Cash flows (used in) provided by operating activities | (1,678) | 1,307 |
FINANCING ACTIVITIES | ||
Payment of lease liabilities | (749) | (183) |
Cash flows used in financing activities | (749) | (183) |
(Decrease) increase in cash during the period | (2,427) | 1,124 |
Cash, beginning of the period | 25,107 | 30,197 |
Cash, end of the period | 22,680 | 31,321 |
Cash paid for: | ||
Interest | 0 | 0 |
Income taxes (classified as operating activity) | 0 | 0 |
Cash received for: | ||
Interest | 34 | 55 |
Income taxes (classified as operating activity) | $ 0 | $ 0 |
INTERIM CONSOLIDATED STATEMEN_3
INTERIM CONSOLIDATED STATEMENTS OF EQUITY (Deficiency) (Unaudited) - CAD ($) $ in Thousands | Total | Share capital | Deficit | Accumulated other comprehensive income | Contributed surplus |
Balance, amount at Jan. 30, 2021 | $ (31,291) | $ 113,167 | $ (148,068) | $ 1,863 | $ 1,747 |
Statement [Line Items] | |||||
Net income for the three months ended May 1, 2021 | 3,221 | 0 | 3,221 | 0 | 0 |
Other comprehensive income | 812 | 0 | 0 | 812 | 0 |
Total comprehensive income | 4,033 | 0 | 3,221 | 812 | 0 |
Common shares issued on vesting of restricted stock units | (96) | 70 | (24) | 0 | (142) |
Stock-based compensation expense | 182 | 0 | 0 | 0 | 182 |
Balance, amount at May. 01, 2021 | (27,172) | 113,237 | (144,871) | 2,675 | 1,787 |
Balance, amount at Jan. 29, 2022 | 48,315 | 113,534 | (70,671) | 2,945 | 2,507 |
Statement [Line Items] | |||||
Other comprehensive income | 18 | 0 | 0 | 18 | 0 |
Total comprehensive income | (1,956) | 0 | (1,974) | 18 | 0 |
Common shares issued on vesting of restricted stock units | (14) | 6 | (8) | 0 | (12) |
Stock-based compensation expense | 310 | 0 | 0 | 0 | 310 |
Net loss for the three months ended April 30, 2022 | (1,974) | 0 | (1,974) | 0 | 0 |
Balance, amount at Apr. 30, 2022 | $ 46,655 | $ 113,540 | $ (72,653) | $ 2,963 | $ 2,805 |
CORPORATE INFORMATION
CORPORATE INFORMATION | 3 Months Ended |
Apr. 30, 2022 | |
CORPORATE INFORMATION | 1. CORPORATE INFORMATION The unaudited condensed interim consolidated financial statements of DAVIDsTEA Inc. and its subsidiary, DAVIDsTEA (USA) Inc., (collectively, the “Company”) for the three-month periods ended April 30, 2022 and May 1, 2021 were authorized for issue by the Board of Directors on June 14, 2022. The Company is incorporated and domiciled in Canada and its shares are publicly traded on the Nasdaq Global Market under the symbol “DTEA”. The registered office is located at 5430 Ferrier St., Town of Mount-Royal, Québec, Canada, H4P 1M2. The Company offers a specialty branded selection of high-quality proprietary loose-leaf teas, pre-packaged teas, tea sachets, tea-related accessories and gifts through its e-commerce platform at www.davidstea.com and the Amazon Marketplace, its wholesale customers which include over 3,500 grocery stores and pharmacies, and 18 company-owned stores across Canada. The Company offers primarily proprietary tea blends that are exclusive to the Company, as well as traditional single-origin teas and herbs. Our passion for and knowledge of tea permeates our culture and is rooted in an excitement to explore the taste, health and lifestyle elements of tea. With a focus on innovative flavours, wellness-driven ingredients and organic tea, the Company launches seasonally driven “collections” with a mission of making tea fun and accessible to all. Sales fluctuate from quarter to quarter. Sales are traditionally highest in the fourth fiscal quarter due to the year-end holiday season and tend to be lowest in the second and third fiscal quarters because of lower customer engagement during the summer months. |
BASIS OF PREPARATION
BASIS OF PREPARATION | 3 Months Ended |
Apr. 30, 2022 | |
BASIS OF PREPARATION | 2. BASIS OF PREPARATION These unaudited condensed interim consolidated financial statements have been prepared in accordance with IAS 34, “Interim Financial Reporting” as issued by the International Accounting Standards Board (“IASB”). Accordingly, these financial statements do not include all the financial statement disclosures required for annual financial statements and should be read in conjunction with the Company’s audited consolidated financial statements for the year ended January 29, 2022, which have been prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the IASB. In management’s opinion, the unaudited condensed interim consolidated financial statements reflect all the adjustments that are necessary for a fair presentation of the results for the interim period presented. These unaudited condensed interim consolidated financial statements have been prepared using the accounting policies and methods of computation as outlined in Note 3 of the consolidated financial statements for the year ended January 29, 2022. |
SIGNIFICANT ACCOUNTING JUDGEMEN
SIGNIFICANT ACCOUNTING JUDGEMENTS ESTIMATES AND ASSUMPTIONS | 3 Months Ended |
Apr. 30, 2022 | |
SIGNIFICANT ACCOUNTING JUDGEMENTS, ESTIMATES AND ASSUMPTIONS | 3. SIGNIFICANT ACCOUNTING JUDGMENTS, ESTIMATES AND ASSUMPTIONS The preparation of condensed interim consolidated financial statements requires management to make estimates and assumptions using judgment that affect the application of accounting policies and the reported amounts of assets and liabilities, income and expense during the reporting period. Estimates and other judgments are continually evaluated and are based on management’s experience and other factors, including expectations about future events that are believed to be reasonable under the circumstances. Actual results may differ from those estimates. In preparing these unaudited condensed interim consolidated financial statements, critical judgments made by management in applying the Company’s accounting policies and the key sources of estimation uncertainty were the same as those referred to in Note 5 of the consolidated financial statements for the year ended January 29, 2022. |
SHARE CAPITAL
SHARE CAPITAL | 3 Months Ended |
Apr. 30, 2022 | |
SHARE CAPITAL | 4. SHARE CAPITAL Authorized An unlimited number of common shares. Issued and outstanding April 30, January 29, 2022 2022 $ $ Share Capital - (26,427,292) Common shares (January 29, 2022 - 26,423,717) 113,540 113,534 During the three-month period ended April 30, 2022, 3,575 common shares (May 1, 2021 – 21,187 common shares) were issued in relation to the vesting of restricted stock units (“RSU”), resulting in an increase in share capital of $6, net of tax (May 1, 2021 – $70) and a reduction in contributed surplus of $12 (May 1, 2021 – $142). Stock-based compensation As at April 30, 2022, 1,065,688 (May 1, 2021, 1,246,519) common shares remain available for issuance under the 2015 Omnibus Plan. No stock options were granted during the three-month periods ended April 30, 2022 and May 1, 2021. A summary of the status of the Company’s stock option plan and changes during the three-month period are presented below. For the three-months ended April 30, May 1, 2022 2021 Weighted Weighted average average Options exercise Options exercise outstanding price outstanding price # $ # $ Outstanding and exercisable - beginning and end of period 3,490 6.32 17,490 6.32 A summary of the status of the Company’s RSU plan and changes during the three-month period are presented below. For the three-months ended April 30, May 1, 2022 2021 Weighted Weighted average average RSUs fair value RSUs fair value outstanding per unit (1) outstanding per unit (1) # $ # $ Outstanding, beginning of period 1,282,790 2.60 1,306,101 1.70 Forfeitures (27,466 ) 2.28 (24,131 ) 1.45 Vested (3,575 ) 1.71 (21,187 ) 3.32 Vested, withheld for tax (3,723 ) 1.71 (22,065 ) 3.32 Outstanding, end of period 1,248,026 2.62 1,238,718 1.65 _____________ (1) Weighted average fair value per unit as at date of grant. During the three-month period ended April 30, 2022, the Company recognized a stock-based compensation expense of $310 (May 1, 2021 – $182). |
SELLING GENERAL AND ADMINISTRAT
SELLING GENERAL AND ADMINISTRATION EXPENSES | 3 Months Ended |
Apr. 30, 2022 | |
SELLING, GENERAL AND ADMINISTRATION EXPENSES | 5. SELLING, GENERAL AND ADMINISTRATION EXPENSES The Company qualified in Fiscal 2021 for the Canada Emergency Wage Subsidy and the Canada Emergency Rent Subsidy under the COVID-19 Economic Response Plan of the Government of Canada. During the period ended April 30, 2022, the Company recognized payroll and rent subsidies of $nil (May 1, 2021 - $1.1 million). For the three-months ended April 30, May 1, 2022 2021 $ $ Wages, salaries and employee benefits 3,408 3,377 Marketing expenses 2,297 1,204 IT ongoing expenses 1,409 1,314 Software implementation costs 755 863 Credit card fees 402 536 Director & officer and other insurance 347 260 Professional and consulting fees 395 465 Depreciation of property and equipment 76 388 Amortization of intangible assets 140 403 Amortization right-of-use asset 650 159 Stock-based compensation 310 182 Other selling, general and administration 617 1,107 Sub-total 10,806 10,258 Government emergency wage and rent subsidy — (1,064 ) 10,806 9,194 |
RESTRUCTURING PLAN ACTIVITIES,
RESTRUCTURING PLAN ACTIVITIES, NET | 3 Months Ended |
Apr. 30, 2022 | |
RESTRUCTURING PLAN ACTIVITIES, NET | 6. RESTRUCTURING PLAN ACTIVITIES, NET On July 8, 2020, the Company announced that it was implementing a restructuring plan (the “Restructuring Plan”) under the Companies’ Creditors Arrangement Act (Canada) (the “CCAA”). As at May 2, 2021, the Company revised its estimate of the Liabilities subject to compromise to $98.4 million, a reduction from its January 30, 2021 estimate of $100.6 million. The resulting $2.1 million gain was partially offset by Restructuring Plan professional fees of $0.5 million, resulting in a gain on Restructuring Plan Activities, Net of $1.6 million that was recorded in the period ended May 1, 2021. The Plan of Arrangement was approved by the Company’s creditors on June 11, 2021 and on September 9, 2021, the Monitor filed a Certificate of Termination with the Québec Superior Court in accordance with paragraph 24 of the Sanction Order and declared the CCAA proceedings were terminated without further act or formality. |
NET (LOSS) EARNINGS PER SHARE
NET (LOSS) EARNINGS PER SHARE | 3 Months Ended |
Apr. 30, 2022 | |
NET (LOSS) EARNINGS PER SHARE | 7. NET (LOSS) EARNINGS PER SHARE Basic Net (loss) earnings per share (“EPS”) amounts are calculated by dividing the Net (loss) income for the period attributable to ordinary equity holders by the weighted average number of ordinary shares outstanding during the period. Diluted EPS amounts are calculated by dividing the Net (loss) income attributable to ordinary equity holders by the weighted average number of ordinary shares outstanding during the period plus the weighted average number of ordinary shares that would be issued on conversion of all the dilutive potential ordinary shares into ordinary shares, unless these would be anti‑dilutive. The following reflects the Net (loss) income and share data used in the basic and diluted EPS computations: For the three-months ended April 30, May 1, 2022 2021 $ $ Net (loss) income for basic EPS (1,974 ) 3,221 Weighted average number of shares outstanding: Basic 26,426,055 26,296,690 Fully diluted 26,426,055 27,400,840 Net (loss) earnings per share: Basic (0.07 ) 0.12 Fully diluted (0.07 ) 0.12 |
RELATED PARTY DISCLOSURES
RELATED PARTY DISCLOSURES | 3 Months Ended |
Apr. 30, 2022 | |
RELATED PARTY DISCLOSURES | 8. RELATED PARTY DISCLOSURES Transactions with related parties are measured at the exchange amount, being the consideration established and agreed to by the related parties. During the three-month period ended April 30, 2022, the Company purchased merchandise for resale amounting to $nil (May 1, 2021 - $46) and provided infrastructure and administrative services of $5 (May 1, 2021 - $5) to a company controlled by one of its executive employees. As of April 30, 2022, an amount of $6 was outstanding and presented in Accounts and other receivables. |
SEGMENT INFORMATION
SEGMENT INFORMATION | 3 Months Ended |
Apr. 30, 2022 | |
SEGMENT INFORMATION | 9. SEGMENT INFORMATION An operating segment is a component of the Company that engages in business activities from which it may earn revenues and incur expenses. The Company has two operating segments, Canada, and the U.S., that derive their revenues from various distribution channels including online, retail and wholesale. The Company’s Chief Executive and Brand Officer and President, Chief Financial and Operations Officer (the chief operating decision makers or “CODM”) make decisions about resources to be allocated to the segments and assesses performance, and for which discrete financial information is available. The Company derives revenue from the following products: For the three-months ended April 30, May 1, 2022 2021 $ $ Tea 17,975 20,469 Tea accessories 2,099 2,780 Food and beverages 361 — 20,435 23,249 All property and equipment, right-of-used assets and intangible assets are located in Canada. Results from operating activities before corporate expenses per country are as follows: For the three-months ended April 30, 2022 Canada US Consolidated $ $ $ Sales 16,745 3,690 20,435 Cost of sales 9,214 2,257 11,471 Gross profit 7,531 1,433 8,964 Selling, general and administration expenses (allocated) 3,409 590 3,999 Results from operating activities before corporate expenses 4,122 843 4,965 Selling, general and administration expenses (non-allocated) 6,807 Results from operating activities (1,842 ) Finance costs 171 Finance income (39 ) Net loss before income taxes (1,974 ) For the three-months ended May 1, 2021 Canada US Consolidated $ $ $ Sales 18,129 5,120 23,249 Cost of sales 9,864 2,617 12,481 Gross profit 8,265 2,503 10,768 Selling, general and administration expenses (allocated) 2,264 499 2,763 Results from operating activities before corporate expenses 6,001 2,004 8,005 Selling, general and administration expenses (non-allocated) 6,431 Restructuring plan activities, net (1,602 ) Results from operating activities 3,176 Finance costs 10 Finance income (55 ) Net income before income taxes 3,221 |
SHARE CAPITAL (Tables)
SHARE CAPITAL (Tables) | 3 Months Ended |
Apr. 30, 2022 | |
Summary of authorized, issued, and outstanding shares | April 30, January 29, 2022 2022 $ $ Share Capital - (26,427,292) Common shares (January 29, 2022 - 26,423,717) 113,540 113,534 |
Summary of stock option plan and periodic changes | For the three-months ended April 30, May 1, 2022 2021 Weighted Weighted average average Options exercise Options exercise outstanding price outstanding price # $ # $ Outstanding and exercisable - beginning and end of period 3,490 6.32 17,490 6.32 |
Summary of the status of the RSU plan and periodic changes | For the three-months ended April 30, May 1, 2022 2021 Weighted Weighted average average RSUs fair value RSUs fair value outstanding per unit (1) outstanding per unit (1) # $ # $ Outstanding, beginning of period 1,282,790 2.60 1,306,101 1.70 Forfeitures (27,466 ) 2.28 (24,131 ) 1.45 Vested (3,575 ) 1.71 (21,187 ) 3.32 Vested, withheld for tax (3,723 ) 1.71 (22,065 ) 3.32 Outstanding, end of period 1,248,026 2.62 1,238,718 1.65 |
SELLING GENERAL AND ADMINISTR_2
SELLING GENERAL AND ADMINISTRATION EXPENSES (Tables) | 3 Months Ended |
Apr. 30, 2022 | |
Schedule of selling, general and administrative expenses | For the three-months ended April 30, May 1, 2022 2021 $ $ Wages, salaries and employee benefits 3,408 3,377 Marketing expenses 2,297 1,204 IT ongoing expenses 1,409 1,314 Software implementation costs 755 863 Credit card fees 402 536 Director & officer and other insurance 347 260 Professional and consulting fees 395 465 Depreciation of property and equipment 76 388 Amortization of intangible assets 140 403 Amortization right-of-use asset 650 159 Stock-based compensation 310 182 Other selling, general and administration 617 1,107 Sub-total 10,806 10,258 Government emergency wage and rent subsidy — (1,064 ) 10,806 9,194 |
NET (LOSS) EARNINGS PER SHARE (
NET (LOSS) EARNINGS PER SHARE (Tables) | 3 Months Ended |
Apr. 30, 2022 | |
Schedule of reconciliation of basic and diluted EPS | For the three-months ended April 30, May 1, 2022 2021 $ $ Net (loss) income for basic EPS (1,974 ) 3,221 Weighted average number of shares outstanding: Basic 26,426,055 26,296,690 Fully diluted 26,426,055 27,400,840 Net (loss) earnings per share: Basic (0.07 ) 0.12 Fully diluted (0.07 ) 0.12 |
SEGMENT INFORMATION (Tables)
SEGMENT INFORMATION (Tables) | 3 Months Ended |
Apr. 30, 2022 | |
Schedule of revenue by product | For the three-months ended April 30, May 1, 2022 2021 $ $ Tea 17,975 20,469 Tea accessories 2,099 2,780 Food and beverages 361 — 20,435 23,249 |
Schedule of gross profit per country | For the three-months ended April 30, 2022 Canada US Consolidated $ $ $ Sales 16,745 3,690 20,435 Cost of sales 9,214 2,257 11,471 Gross profit 7,531 1,433 8,964 Selling, general and administration expenses (allocated) 3,409 590 3,999 Results from operating activities before corporate expenses 4,122 843 4,965 Selling, general and administration expenses (non-allocated) 6,807 Results from operating activities (1,842 ) Finance costs 171 Finance income (39 ) Net loss before income taxes (1,974 ) For the three-months ended May 1, 2021 Canada US Consolidated $ $ $ Sales 18,129 5,120 23,249 Cost of sales 9,864 2,617 12,481 Gross profit 8,265 2,503 10,768 Selling, general and administration expenses (allocated) 2,264 499 2,763 Results from operating activities before corporate expenses 6,001 2,004 8,005 Selling, general and administration expenses (non-allocated) 6,431 Restructuring plan activities, net (1,602 ) Results from operating activities 3,176 Finance costs 10 Finance income (55 ) Net income before income taxes 3,221 |
CORPORATE INFORMATION (Details
CORPORATE INFORMATION (Details Narrative) | 3 Months Ended |
Apr. 30, 2022 | |
Country Of Incorporation | Canada |
Address Of Entity's Registered Office | 5430 Ferrier St., Town of Mount-Royal, Québec, Canada, H4P 1M2 |
SHARE CAPITAL (Details)
SHARE CAPITAL (Details) - CAD ($) $ in Thousands | Apr. 30, 2022 | Jan. 29, 2022 |
Share Capital - (26,427,292) Common shares (January 29, 2022 - 26,423,717) | $ 113,540 | $ 113,534 |
SHARE CAPITAL (Details 1)
SHARE CAPITAL (Details 1) - $ / shares | 3 Months Ended | |
Apr. 30, 2022 | May 01, 2021 | |
Outstanding and exercisable - beginning and end of period | 3,490 | 17,490 |
Outstanding and exercisable, weighted average exercise price | $ 6.32 | $ 6.32 |
SHARE CAPITAL (Details 2)
SHARE CAPITAL (Details 2) - $ / shares | 3 Months Ended | |
Apr. 30, 2022 | May 01, 2021 | |
Outstanding, beginning of year | 1,282,790 | 1,306,101 |
Forfeitures | (27,466) | (24,131) |
Vested | (3,575) | (21,187) |
Vested, withheld for tax | (3,723) | (22,065) |
Outstanding, end of period | 1,248,026 | 1,238,718 |
Weighted average fair value per unit, beginning of period | $ 2.60 | $ 1.70 |
Forfeitures | 2.28 | 1.45 |
Vested | 1.71 | 3.32 |
Vested, withheld for tax | 1.71 | 3.32 |
Weighted average fair value per unit, end of period | $ 2.62 | $ 1.65 |
SHARE CAPITAL (Details Narrativ
SHARE CAPITAL (Details Narrative) - CAD ($) $ in Thousands | 3 Months Ended | |||
Apr. 30, 2022 | Apr. 30, 2022 | May 01, 2021 | May 01, 2021 | |
Statement [Line Items] | ||||
Stock-based compensation expense | $ 310 | $ 182 | ||
Common shares issued on vesting of restricted stock units, value | $ (14) | $ (96) | ||
Restricted Stock Units (RUS) [Member] | ||||
Statement [Line Items] | ||||
Common shares issued on vesting of restricted stock units, value | $ 6 | $ 70 | ||
Common Shares Issued On Vesting Of Restricted Stock Units, Shares | 3,575 | 21,187 | ||
Options [Member] | ||||
Statement [Line Items] | ||||
Reduction in the contributed surplus | $ 12 | $ 142 | ||
2015 Omnibus Plan [Member] | ||||
Statement [Line Items] | ||||
Maximum number of shares available for issuance | 1,065,688 | 1,246,519 |
SELLING GENERAL AND ADMINISTR_3
SELLING GENERAL AND ADMINISTRATION EXPENSES (Details) - CAD ($) $ in Thousands | 3 Months Ended | |
Apr. 30, 2022 | May 01, 2021 | |
Wages, Salaries And Employee Benefits | $ 3,408 | $ 3,377 |
Marketing Expenses | 2,297 | 1,204 |
IT ongoing expenses | 1,409 | 1,314 |
Software Implementation Costs | 755 | 863 |
Credit Card Fees | 402 | 536 |
Director & officer and other insurance | 347 | 260 |
Professional and consulting fees | 395 | 465 |
Depreciation Of Property And Equipment | 76 | 388 |
Amortization Of Intangible Assets | 140 | 403 |
Amortization Right-of-use Asset | 650 | 159 |
Stock-based Compensation | 310 | 182 |
Other Selling, General And Administration | 617 | 1,107 |
Sub-total | 10,806 | 10,258 |
Government Emergency Wage And Rent Subsidies | 0 | (1,064) |
Selling, General And Administrative Expense | $ 10,806 | $ 9,194 |
SELLING GENERAL AND ADMINISTR_4
SELLING GENERAL AND ADMINISTRATION EXPENSES (Details Narrative) - CAD ($) $ in Millions | 3 Months Ended | |
Apr. 30, 2022 | May 01, 2021 | |
Recognized payroll and rent subsidies | $ 0 | $ 1.1 |
RESTRUCTURING PLAN ACTIVITIES N
RESTRUCTURING PLAN ACTIVITIES Net (Details) - CAD ($) $ in Millions | Jul. 08, 2020 | Apr. 30, 2022 | May 01, 2021 | Jan. 30, 2021 |
Liabilities Subject To Compromise | $ 98.4 | |||
Reduction of liability | $ 100.6 | |||
Gain on restructuring activities | $ 1.6 | |||
Restructuring offset gain | $ 2.1 | |||
Professional Fee | $ 0.5 |
NET (LOSS) EARNINGS PER SHARE_2
NET (LOSS) EARNINGS PER SHARE (Details) - CAD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Apr. 30, 2022 | May 01, 2021 | |
Net Earnings (loss) For Basic Eps | $ (1,974) | $ 3,221 |
Weighted Average Number Of Shares Outstanding: | ||
Basic | 26,426,055 | 26,296,690 |
Fully Diluted | 26,426,055 | 27,400,840 |
Net Earnings (loss) Per Share: | ||
Basic | $ (0.07) | $ 0.12 |
Fully Diluted | $ (0.07) | $ 0.12 |
RELATED PARTY DISCLOSURES (Deta
RELATED PARTY DISCLOSURES (Details Narrative) - CAD ($) $ in Thousands | 3 Months Ended | |
Apr. 30, 2022 | May 01, 2021 | |
Resale | $ 0 | $ 46 |
Administrative services | 5 | $ 5 |
Accounts and other receivables | $ 6 |
SEGMENT INFORMATION (Details)
SEGMENT INFORMATION (Details) - CAD ($) | 3 Months Ended | |
Apr. 30, 2022 | May 01, 2021 | |
Statement [Line Items] | ||
Revenue | $ 20,435,000 | $ 23,249,000 |
Tea accessories [Member] | ||
Statement [Line Items] | ||
Revenue | 2,099,000 | 2,780,000 |
Tea [Member] | ||
Statement [Line Items] | ||
Revenue | 17,975,000 | 20,469,000 |
Food and beverages [Member] | ||
Statement [Line Items] | ||
Revenue | $ 361,000 | $ 0 |
SEGMENT INFORMATION (Details 1)
SEGMENT INFORMATION (Details 1) - CAD ($) $ in Thousands | 3 Months Ended | |
Apr. 30, 2022 | May 01, 2021 | |
Statement [Line Items] | ||
Sales | $ 20,435 | $ 23,249 |
Cost Of Sales | 11,471 | 12,481 |
Gross Profit | 8,964 | 10,768 |
Results From Operating Activities | (1,842) | 3,176 |
Operating Segments [Member] | Canada Segment [Member] | ||
Statement [Line Items] | ||
Sales | 16,745 | 18,129 |
Cost Of Sales | 9,214 | 9,864 |
Gross Profit | 7,531 | 8,265 |
Selling, General And Administration Expenses (allocated) | 3,409 | 2,264 |
Results From Operating Activities Before Corporate Expenses | 4,122 | 6,001 |
Operating Segments [Member] | Consolidated Segments [Member] | ||
Statement [Line Items] | ||
Sales | 20,435 | 23,249 |
Cost Of Sales | 11,471 | 12,481 |
Gross Profit | 8,964 | 10,768 |
Selling, General And Administration Expenses (allocated) | 3,999 | 2,763 |
Results From Operating Activities Before Corporate Expenses | 4,965 | 8,005 |
Selling, General And Administration Expenses (non-allocated) | 6,807 | 6,431 |
Restructuring Plan Activities, Net | (1,602) | |
Results From Operating Activities | (1,842) | 3,176 |
Finance Costs | 171 | 10 |
Finance Income | (39) | (55) |
Net Income (loss) Before Income Taxes | (1,974) | 3,221 |
Operating Segments [Member] | United States Segment [Member] | ||
Statement [Line Items] | ||
Sales | 3,690 | 5,120 |
Cost Of Sales | 2,257 | 2,617 |
Gross Profit | 1,433 | 2,503 |
Selling, General And Administration Expenses (allocated) | 590 | 499 |
Results From Operating Activities Before Corporate Expenses | $ 843 | $ 2,004 |