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Business 5:54pm - 5,032 views
Freshii Inc. has recorded a million-dollar loss in its first quarter as many of its restaurants remain temporarily closed due to COVID-19.
The Toronto-based company reported a net loss of $1.05 million for the 13 weeks ended March 28, compared with a net loss of $2.49 million in the same quarter last year.
It reported an adjusted net loss of $549,000, up from an adjusted net loss of $1.21 million in the first quarter of 2020.
Revenue totalled $2.89 million, down from $4.56 million in the same quarter last year.
Freshii says system-wide sales were $23.3 million in the quarter, compared with $37.2 million last year — a decrease of $13.9 million or 37 per cent.
The company says 43 locations remained temporarily closed at the end of the first quarter out of its 401 stores.
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