Insolvent beverage company DavidsTea Inc. says its net losses nearly doubled last year on surging losses in the fourth quarter, the Canadian Press reported. The Montreal-based company says it lost $55.9 million or $2.14 per diluted share for the year, compared with a loss of $31.2 million or $1.20 per share in 2019. Deeper losses came as the company's sales plunged 38 per cent to $121.7 million from $196.5 million as it felt the effects of lockdowns and it exited its entire retail network except 18 Canadian stores. In the three months ended Jan. 30, DavidsTea lost $27.2 million or $1 per share, compared with losses of $5.7 million or 21 cents per share in the prior year. Revenues were $40.2 million, down 45 per cent from $73.5 million in the first quarter of 2020. However, e-commerce and wholesale sales increased 96 per cent. Excluding one-time items such as restructuring costs, DavidsTea's adjusted profit increased about $500,000 to reach $4 million or 15 cents per share in the quarter. Adjusted losses for the year were $1.54 million or six cents per share, compared with losses of $14.9 million or 57 cents per share in 2019. Read more.