REITMANS (CANADA) LTD. $15.27 (Toronto symbol RET.A; TSINetwork Rating: Extra Risk) (514-384-1140; www.reitmans.com; Shares outstanding: 66.3 million; Market cap: $1.0 billion; Dividend yield: 5.2%) reports that its sales fell 3.3% in the quarter ended January 28, 2012, to $260.0 million from $268.7 million a year earlier. Same-store sales fell 1.7%.
The company earned $4.7 million, or $0.07 a share. That’s down 66.2% from $13.8 million, or $0.21 a share.
Fewer shoppers visited Reitmans’ stores in the quarter, due to weaker consumer confidence. As well, the company spent more on promotions to fend off rising competition.
However, Reitmans’ strong brands should help its earnings rebound as consumer spending recovers. Moreover, the strong Canadian dollar helps the company, because it pays its Chinese suppliers in U.S. dollars. The shares yield a high 5.2%.
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