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Hi, this is Stephen Albert on for Lorraine. My first question was on Starbucks and their decision to close all their Teavana locations. I think you talked about it being an opportunity. Any concern about what it says about the viability of the on-mall tea business?
This is Joel. I think it gives us more room to operate for sure. We think they had other focus areas, and we also know that it wasn't their focus area over the last several years. So we think it opens up a direct business opportunity for us. But again, for the 38 stores we have in Canada, we have another 19 in the U.S., they are collocated. We expect to see a direct benefit from those stores.
We are still unsure of some of the short term liquidation and impact what that may present. But we think overall, this is a definite positive for the business.
The Montreal-based company lost $1.2 million for the period ended May 5, compared with a loss of $362,000 a year earlier.
That translated into a loss of five cents per diluted share, versus a loss of one cent in the first quarter of 2017.