The chain consists of 341 Reitmans, 139 Penningtons, 107 Smart Set, 105 Addition Elle, 76 RW & Co. and 68 Thyme Maternity stores. It also has 21 Thyme Maternity boutiques in Canadian Babies “R” Us stores.
In the quarter ended January 31, 2015, Reitmans’ sales fell 1.8%, to $236.3 million from $240.7 million a year earlier. Sales declined because it closed 55 lessprofitable stores. Same-store sales gained 2.1%.
However, the store closures helped Reitmans earn $4.4 million, or $0.07 a share, in the latest quarter. A year ago, it lost $2.6 million, or $0.04. Earnings also benefited from cost-cutting measures.
The retailer’s balance sheet remains strong: it holds cash of $197.3 million, or $3.06 a share, and its longterm debt is just $3.6 million. The stock yields 2.8%.
In mid-2014, Reitmans said it would close its 107 underperforming Smart Set stores. Under this plan, the company will close 31 locations and convert the other 76 to other banners. It will complete the shutdown by the end of this year.
The company’s willingness to close unprofitable stores and discontinue unpopular banners to boost 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.
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