04:43 PM EDT, 06/13/2024 (MT Newswires) -- High Tide (HITI.V, HITI), shares edged higher in after-hours Nasdaq trading after the cannabis retailer on Thursday said it swung to a fiscal second-quarter profit on higher sales..

The company said it earned C$0.17 million, or nil per share, in the quarter ended April 30, compared with a loss of $1.57 million, or $0.02, in the year prior quarter.

Revenue rose 5.3% to $124.26 million from $118.14 million, while free cash flow rose to $9.38 million, up from a year-prior cash flow deficit of $1.95 million.

"In an environment where many cannabis companies, including some of our retail competitors, have been forced to seek bankruptcy protection, our team has been able to deliver positive net income in Q2, while also generating record-breaking free cash flow. In fact, over the past four quarters, we have generated $22.7 million in free cash flow, fueling our strong organic growth. We accomplished this despite Q2 being a seasonally slower quarter with two fewer days," chief executive Raj Grover said in a release.

Same store sales for its Canna Cabana banner rose 4%, while the company opened five new locations in Ontario in the quarter and reiterated its guidance for 20 to 30 new stores in 2024.

The company's shares were last seen up US$0.02 to US$2.58 after hours. They closed down $0.14 to $3.48 on the TSX Venture Exchange.