The biggest juice company in Burnaby and a food giant has seen its revenues fall off a cliff thanks to COVID-19.
Just how big?
Well, Freshii Inc. – which operates three locations in Burnaby, including the City of Lougheed - swung to a US$2.5-million loss in its first quarter as revenue fell 11 per cent from a year ago.
The chain of eateries says it lost eight cents per share for the period ended March 29, when 37 per cent of its locations were closed because of the pandemic.
Freshii, which reports in U.S. dollars, earned US$103,000 or zero cents per share in the same quarter a year earlier.
Excluding one-time items, Freshii lost US$1.21 million, compared with a profit of US$597,000 in the year-ago quarter.
Revenue fell to US$4.56 million from US$5.14 million as same-store sales decreased 14.3 per cent, compared with 0.9 per cent growth a year ago.
System-wide sales from its 467 locations in 16 countries came in at US$37.2 million down from US$43.2 million a year ago.
Freshii says more than 80 per cent of its North American locations and 69 per cent of its global stores have reopened in some capacity.
- With files from Canadian Press