04:35 PM EDT, 09/16/2024 (MT Newswires) -- High Tide (HITI.V, HITI) was last seen up 5.5% in after-hours Nasdaq trading after the company said late Monday it swung to a fiscal third-quarter profit on higher sales.

The cannabis retailer earned $825,000, or $0.01 per share, in the quarter ended July 31, compared with a loss of $3.57 million, or $0.04, in the year-prior period.

Revenue rose 5.9% to a quarterly record $131.69 million from $124.25 million.

"With 21 new Cabanas launched from the profits of our existing store network, we have already surpassed the low end of our previously communicated target of adding 20 to 30 new sites this year. Given our current momentum, I believe we can approach the high end of this projection," Chief Executive Raj Grover said in a release.

For the quarter ended July 1, the company's same-store sales rose by 1% year-over-year with High Tide opening 11 new Canna Cabana locations across Alberta, Saskatchewan, and Ontario.

High Tide shares were last seen up US$0.12 to US$2.31 in after-hours trade. They closed down $0.05 to $2.97 on the TSX Venture Exchange.