The chain consists of 343 Reitmans, 143 Penningtons, 113 Smart Set, 102 Addition Elle, 76 RW & Co. and 68 Thyme Maternity stores. It also has 21 Thyme Maternity boutiques in some Canadian Babies “R” Us locations.
In the three months ended August 2, 2014, Reitmans’ sales rose 1.9%, to $258.3 million from $253.4 million a year earlier. Same-store sales increased 4.6%.
Sales rose even though the company closed 55 stores. Reitmans continues to shut down underperforming locations and is rebranding its underperforming Smart Set chain, which is aimed at young women.
The company earned $9.6 million, or $0.15 a share, in the latest quarter, down 5.9% from $10.2 million, or $0.16. The lower Canadian dollar against the U.S. currency hurt Reitmans, because it pays its Chinese suppliers in U.S. dollars.
The retailer’s balance sheet remains strong: it holds cash of $166.3 million, or $2.58 a share, and its longterm debt is just $4.5 million. The stock yields 3.2%.
To boost its profits, Reitman’s has cut head office staff and installed new warehouse management software. However, ever-increasing competition in the clothing market makes the company’s near-term sales outlook uncertain.
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