David’s Tea lost $93.2 million in first quarter, just ahead of going public

David's Tea opened seven new stores this quarter, raising its North American location total to 161.

MONTREAL – David\’s Tea says it lost $93.2 million in the first quarter, just in front of becoming a publicly owned company.

The Montreal-based company reported after markets closed that it is loss was equal to $7.73 per diluted share for that period ended May 2. That compared with a $1.4-million or seven cents per share profit in the comparable prior-year period.

Excluding one-time costs, including those associated with its initial public offering, David\’s Tea earned $1.A million or four cents per share, down from $1.4 million or six cents per be part of the first quarter of 2014.