04:18 PM EDT, 03/15/2024 (MT Newswires) -- High Tide (HITI.V, HITI) edged down in after-hours Nasdaq trading after the company on Friday said its fiscal first-quarter loss narrowed on sales gains.

The cannabis retailer posted a loss of C$5,000, or nil per share, in the quarter ended Jan.31, compared with a loss of C$3.92 million, or C$0.05, in the year-prior period.

Revenue rose 8.5% to C$128.07 million from C$118.08 million.

"I am very proud to announce that High Tide has reached break-even net income this quarter, which is a critical milestone in our ongoing corporate trajectory and is a rarity in the global cannabis space," chief executive Raj Grover said in a release.

The company said it loyalty program, which offers discounts on cannabis stood at 1.32 million members on March 15, up from 975,000 members a year earlier and has 165 locations in Canada, opening seven new locations in the quarter and expects to open up to 30 new locations over the calendar year. Same-store sales were up 7% year over year.

High Tide said it is looking to increase its share of the Canadian cannabis market to 15% from its current 10% but did not say when it would reach its target.

The company's shares were last seen down US$0.01 to US$1.81 after hours. They closed up C$0.20 to C$2.45 on the Toronto Stock Exchange.