REITMANS (CANADA) LTD. $11.75 (Toronto symbol RET.A; TSINetwork Rating: Extra Risk) (514- 384-1140; www.reitmans.com; Shares outstanding: 65.5 million; Market cap: $769.6 million; Dividend yield: 6.8%) reports that its sales fell 7.0% in the three months ended October 27, 2012, to $236.2 million from $254.1 million a year earlier. Same-store sales declined 4.0%.
The company earned $38,000, or nil per share, compared to a profit of $10.6 million, or $0.16 a share, a year earlier.
In June 2012, Reitmans installed new inventorymanagement software at its distribution centre, and complications with this system have disrupted shipments to its stores. In the latest quarter, that cut sales at the company’s outlets by $7 million to $15 million and caused a corresponding drop in profits.
The disruption is still affecting the company’s sales in the current quarter, which ends February 2, 2013. However, Reitmans believes it has identified all the outstanding issues with the transition. It is now addressing them.
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