"Interest rates are playing a big impact on consumer discretionary spending broadly. We saw that in the fourth quarter and we expect to continue to see that in the first half of the year," Meghan Roach, chief executive of the Toronto-based apparel manufacturer, said on a Wednesday call with analysts.
That would be welcome news for Roots and other retailers, which saw their sales come under pressure over the last year. However, Roots said Wednesday that its fourth-quarter profit rose to $14.6 million, up from $13.0 million a year earlier. That profit amounted to 36 cents per share, up from 31 cents per share a year earlier.Roach considered the quarterly numbers a"solid performance" despite the headwinds.
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