Analysts had expected earnings of $4.3 million, or eight cents per share, according to financial markets data firm Refinitiv.Company CEO Jim Gabel says downward pressure on earnings has come from inefficiencies, U.S. stores performing “well-below” expectations, and macroeconomic headwinds at its Asia business.
Roots says that given its operational headwinds, and the “compressed holiday selling season” due to a later U.S. Thanksgiving, it now expects sales and net income for the fourth quarter will also be below its previous guidance. The company also announced the immediate resignation of the company’s chief merchant, Nancy Lepler, for personal reasons.
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