NEW YORK (TheStreet) -- Davids Tea (DTEA) shares are down 10.53% to $26.09 in early market trading on Wednesday following the release of the Canadian tea retailer's first quarter earnings results after the closing bell yesterday.
This is the first quarterly earnings report the company released since it's IPO less than two weeks ago.
The company reported a first quarter net loss of C$93.2 million, or C$7.73 per share versus a profit of C$1.4 million or 7 Canadian cents per share a year ago.
Sales grew 29% to C$35.8 million.
The decrease in profitability was tied to the negative impact of a stronger U.S. dollar as well as an investment in its supply chain.
Davids Tea shares spiked 42% during its first day of trading on June 5. The company said that it intends to open 25-30 new stores in Canada and between 10-15 stores in the U.S. this year.