The chain consists of 337 Reitmans stores, 138 Penningtons, 107 Addition Elle, 78 RW & Co., 68 Thyme Maternity and 82 Smart Set. It also has 21 Thyme Maternity boutiques in Canadian Babies “R” Us stores.
In the three months ended May 2, 2015, Reitmans’ sales fell 2.3%, to $201.7 million from $206.5 million a year earlier. Sales declined because the company closed 52 less profitable stores. Same-store sales gained 3.0%.
However, the store closures helped Reitmans cut its loss to $7.7 million, or $0.12 a share, from $13.4 million, or $0.21, a year ago. Earnings also benefited from cost-cutting measures, including layoffs at the company’s head office.
The retailer’s balance sheet remains strong: it holds cash of $126.6 million, or $1.95 a share, and its longterm debt is just $3.1 million. The stock yields 3.2%.
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 shutdown by the end of this year.
The company’s willingness to close unprofitable stores and discontinue unpopular banners to boost its future 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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Privacy Policy and Terms of Use
The Successful Investor Inc. and its affiliate Successful Investor Wealth Management (referred to hereafter as TSI Network) know that you care how information about you is used and shared, and we appreciate your trust that we will do so carefully and sensibly. This notice describes our privacy policy. By visiting websites owned by or associated with TSI Network, you are accepting the practices described in this Privacy Policy.
This privacy policy is applicable to all TSI Network Visitors, Clients, Employees, Suppliers, Web sites, Management, and all other interested parties. Any links to or from our site are not covered by this policy. We encourage you to read the privacy policies of every site that you visit.
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The information we receive from customers helps us personalize and continually improve your online experience at TSI Network. TSI Network may collect personal information online for all legal purposes, which include, but are not limited to:
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