07:21 AM EDT, 05/02/2024 (MT Newswires) -- AutoCanada Inc. ( AOCIF ) , a multi-location North American automobile dealership group, on Thursday swung to a first quarter loss amid "challenging operational dynamics".

Net loss for the period was $2.4 million as compared to $8.4 million in the prior year, a decrease of 128.2%. Diluted earnings (loss) per share was $(0.10) as compared to $0.32 in the prior year. Adjusted EBITDA was $22.0 million versus $45.0 million in the prior year, a decrease of $23.0 million.

Revenue was $1,420.9 million as compared to $1,539.3 million in the prior year, a decrease of 7.7%

"During the first quarter, the trend of replenishing new light vehicle inventory, combined with consumer preference to buy affordable vehicles and minimize borrowing costs, resulted in continued normalization of total gross profit per new retail unit." said Paul Antony, AutoCanada's ( AOCIF ) Executive Chair, in a statement. "This combined with extremely cold weather impacting foot traffic in many of our Western Canadian stores, along with a shortage of quality, well priced used vehicles available to procure for our used division, culminated in challenging operational dynamics during the first quarter."