June 15 (Reuters) - DAVIDsTEA Inc DTEA.O :
* DAVIDSTEA REPORTS FOURTH QUARTER AND FULL YEAR FISCAL 2019 FINANCIAL RESULTS AND PRELIMINARY FINANCIAL INFORMATION FOR THE 17-WEEK PERIOD ENDED MAY 30, 2020
* Q4 SALES FELL 11.6 PERCENT TO C$73.5 MILLION
* Q4 SAME STORE SALES FELL 17.3 PERCENT
* Q4 ADJUSTED EARNINGS PER SHARE $0.12
* Q4 LOSS PER SHARE $0.21
* CASH POSITION OF $41 MILLION AS AT MAY 30, 2020
* IF NOT SUCCESSFUL IN NEGOTIATIONS WITH LANDLORDS, MAY NEED TO PURSUE A FORMAL RESTRUCTURING IN ORDER TO DO SO
* HAVE NOT REMITTED RENTAL PAYMENTS FOR MONTHS OF APRIL, MAY AND JUNE AT THIS TIME
* AT THIS TIME, IS UNABLE TO PREDICT WHEN, IF AND HOW MANY OF ITS RETAIL LOCATIONS IT WILL OPEN
* DAVIDSTEA - SUBSEQUENT TO YEAR-END, DID NOT RENEW 3 STORE LEASES IN CANADA & EXITED 1 STORE EARLY IN UNITED STATES
* DAVIDSTEA - AS OF JUNE 15, 2020, IS IN NEGOTIATIONS FOR EXIT OF 8 ADDITIONAL STORES
* ARE IN PROCESS OF REEVALUATING BUSINESS & IMPLEMENTING NEW STRATEGIES