There is a history of Canadian consumer stocks trying, and failing, to establish a presence in the United States. But there are several outstanding success stories, such as Alimentation Couche-Tard (Toronto symbol ATD.B) our #1 Stock for 2012, which has profited extensively from its convenience stores and gas bars in the U.S. A new partnership initiative in the U.S. by Reitmans is on a more modest scale than Couche-Tard’s operations, but the women’s wear retailer is looking for a welcome boost in sales.
REITMANS (CANADA) LTD. (Toronto symbol RET.A; www.reitmans.com) owns 925 women’s clothing stores across Canada.
The chain consists of 364 Reitmans, 154 Penningtons, 153 Smart Set, 114 Addition Elle, 74 Thyme Maternity and 66 RW & Co. stores.
In the three months ended April 28, 2012, Reitmans lost $53,000, or nil per share, compared to a profit of $624,000, or $0.01 a share, a year earlier. The company’s sales were down 1.0%, to $217.1 million from $219.3 million. Same-store sales declined 0.7%.
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Growth stocks: Reitmans deal with Babies “R” Us extends to 160 stores
The retailer’s balance sheet remains strong: it holds cash of $209.5 million, or $3.20 a share, and just $8.2 million of long-term debt. Its shares yield a high 6.7%.
Reitmans recently signed a partnership deal with Babies “R” Us to sell its Thyme Maternity clothing and accessories in the U.S.
The company’s Thyme Maternity chain is Canada’s leading retailer of maternity apparel. It operates 74 stores in Canada, as well as Thyme Maternity departments in 18 Canadian Babies “R” Us outlets. Under the deal, Babies “R” Us will start selling Thyme Maternity products in 160 U.S stores later this year.
In the latest edition of Stock Pickers Digest, we look at whether Reitmans can counter weaker consumer confidence and rising competition with heavier promotional spending. We conclude with our clear buy-hold-sell advice.
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