07:27 AM EDT, 09/17/2024 (MT Newswires) -- Davids Tea (DTEA.V) on Tuesday said its second-quarter adjusted loss narrowed on higher revenue.

The specialty tea company said its loss adjusted for one-time items fell to $1 million, or $0.04 per share, from last year's $3.6 million, or $0.14 per share.

Revenue rose 13%, to $11.1 million. Sales in Canada, which accounted for 87% of total revenue, grew by $1.2 million, or 15%, while U.S. sales remained unchanged at $1.5 million.

Momentum has continued into the third quarter with revenues up more than 18%, notes CEO Sarah Segal. The company is opening a new location in Mount Royal, Quebec, and will also launch a new store in downtown Montreal in early November. That will bring the total number of flagship stores to 20.