The chain consists of 357 Reitmans, 141 Smart Set, 153 Penningtons, 103 Addition Elle, 72 Thyme Maternity and 74 RW & Co. stores. It also has 21 Thyme Maternity boutiques in some Canadian Babies “R” Us locations, as well as 158 in U.S. Babies “R” Us stores.
In the three months ended August 3, 2013, Reitmans’ sales fell 9.3%, to $253.4 million from $279.5 million a year earlier. Same-store sales declined 6.8%.
Consumers are putting off buying discretionary items, like clothing, which has lowered Reitmans’ customer traffic. However, online sales are improving.
Earnings fell 63.2%, to $10.2 million, or $0.16 a share. A year earlier, Reitmans earned $27.6 million, or $0.42.
The company faces new competition from U.S.- based retailer Target Corp., which is opening 125 stores in Canada this year.
However, big retailers like Target and Wal-Mart can also help Reitmans by drawing more shoppers to malls that also contain its stores. Moreover, the company’s new warehouse-management software should lower its costs and help it compete.
The retailer’s balance sheet remains strong: Reitmans holds cash of $147.0 million, or $2.28 a share. Its long-term debt is just $6.2 million. The company continues to pay quarterly dividends of $0.20 a share, which give the shares a very high 11.6% yield.
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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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