MONTREAL — DavidsTea is losing another senior executive as its chief financial officer leaves the specialty tea retailer in July, four months following the arrival of new CEO Joel Silver.
The Montreal-based company says CFO Luis Borgen will depart after five years including its move to become public two years ago.
“Chief financial officer, Luis Borgen, has notified the company that he will be leaving, effective July 31, 2017, to pursue other interests. DavidsTea has begun a comprehensive search for its next CFO,” the company said in a statement.
DavidsTea says it swung to a $400,000 loss in the first quarter from a $1.5-million profit a year ago.
Sales grew 9.4 per cent to $48.7 million but comparable sales for stores open at least a year — a key retail metric — decreased 5.7 per cent.
Excluding one-time items, the adjusted loss was $1.1 million or four cents per share, two cents better than forecasts by analysts polled by Thomson Reuters.
That compared to profits of $1.5 million or six cents per share a year earlier.
The Canadian Press