No More Spilling Tea—DAVIDsTEA’s Just Making Money Now
DAVIDsTEA brews a comeback in 2024 with rising profits, a solid cash position, and a bold roadmap for growth across retail, e-commerce, and wholesale.

In a surprising twist that’s turning heads across Canadian retail, DAVIDsTEA (TSX-V: DTEA) has brewed up a much-needed rebound in its Fiscal 2024 financial results. The Montreal-based specialty tea merchant reported a series of positive milestones—highlighted by a return to profitability in the fourth quarter, a narrowed net loss for the year, and positive free cash flow. After several challenging years marked by restructuring, store closures, and pandemic-induced disruptions, this comeback is more than just steeped in optimism—it’s a strong signal that the brand’s omnichannel strategy is finally delivering results.
A Year of Strategic Wins and Financial Recovery
Fiscal 2024 saw DAVIDsTEA clock in $61.8 million in sales, representing a modest yet meaningful 2% year-over-year increase. But the real story lies beneath the surface. The company slashed its net loss to $3.2 million, a staggering $10.6 million improvement from the previous year. Adjusted EBITDA flipped into the black at $3.9 million, a $9.3 million swing from negative territory. Free cash flow came in strong at $7.3 million, leaving the company with a healthy cash position of $16.2 million heading into Fiscal 2025.
CEO and Chief Brand Officer Sarah Segal attributes the turnaround to the disciplined execution of DAVIDsTEA’s omnichannel growth plan. That includes a tighter integration of physical retail, e-commerce, and wholesale, bolstered by internal operational enhancements like in-house fulfillment and a new cost-effective IT platform.
Segal was candid in her assessment: “Fiscal 2024 proved to be a positive turnaround year for DAVIDsTEA,” she said. “These encouraging results reflect the disciplined execution of our omnichannel growth strategy by bringing our brand closer to consumers… and confirm that our premium specialty teas remain a comforting purchase despite an unpredictable economic landscape.”
