DavidsTea says net income almost doubled to $14.8 million in its fiscal 2015 fourth quarter from $7.9 million in the comparable year-earlier period.
However, earnings per share slumped to 57 cents on a fully diluted basis from 64 cents in the 2014 period when there were fewer shares.
Adjusted net income, which excludes IPO-related and other non-cash, one-time costs for the three months ended Jan. 30 was $11.8 million or 45 cents per share compared with $11.4 million or 46 cents in the fourth quarter of fiscal 2014.
The Montreal-based retailer of specialty tea and accessories reported after markets closed that sales increased 22.7% to $75.8 million from $61.8 million in the prior-year quarter, while comparable store sales were up 6.6%.
During the quarter, the company opened 10 new stores for a total of 193 in Canada and the United States, up 25% from the end of 2014.
DavidsTea plans to open 40 more stores in this fiscal year as it works towards a 550 store expansion.
It also announced Tuesday it opened a new store in Calgary and one in Freehold, N.J.
