The chain consists of 333 Reitmans, 135 Penningtons, 107 Addition Elle, 80 RW & Co., 69 Thyme Maternity and 70 Smart Set outlets. It also has 21 Thyme Maternity boutiques in Canadian Babies “R” Us stores.
In the three months ended August 1, 2015, Reitmans’ sales fell 2.1%, to $253.0 million from $258.3 million a year earlier. That’s because the company closed 51 less profitable locations. Same-store sales gained 1.7%, with brick-and-mortar stores decreasing 0.6% and e-commerce jumping 70.1%.
Reitmans lost $200,000, or nil per share, compared to a profit of $9.6 million, or $0.15 a share. The high U.S. dollar hurt profit margins, and the latest quarter included a $5.2-million loss on the market value of the company’s portfolio of marketable securities. These factors offset cost-cutting measures, including layoffs at its head office.
The retailer’s balance sheet remains strong: it holds cash and marketable securities of $169.4 million, or $2.62 a share, and its long-term debt is just $3.1 million. The stock yields 4.3%.
In mid-2014, Reitmans said it would close its 107 underperforming Smart Set stores. Under the company’s plan, it will close 31 locations and convert the other 76 to other banners. It aims to complete the shutdowns by the end of this year.
The company’s willingness to close unprofitable stores and discontinue unpopular banners to boost its profits bodes well for its long-term success. However, ever-increasing competition in the clothing market still leaves its near-term sales outlook uncertain.
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