11:22 AM EST, 12/17/2024 (MT Newswires) -- DavidsTea ( DTEAF ) , up 20% on last look, on Tuesday reported a swing to a third-quarter adjusted profit on higher sales.

The tea merchant reported an adjusted profit of $12,000 or $nil per share, compared with an adjusted loss of $3.5 million, or $0.13, last year.

Sales rose 16% to $14 million.

"We are highly encouraged by our ongoing sales momentum in the third quarter of 2024 with double-digit growth across all distribution channels year-over-year," said chief executive Sarah Segal. "This strong performance reflects our value proposition that continues to resonate with consumers, offering a wide assortment of premium teas and accessories for the holiday season, along with unmatched product quality and seasonal collection drops. Equally important, our omnichannel growth strategy is gaining traction, supported by our presence across physical stores, online platforms, and wholesale partnerships.

Davids Tea is up $0.08 to $0.46, on the TSX Venture Exchange.

Price: 0.46, Change: +0.08, Percent Change: +19.74