REITMANS (CANADA) LTD. $19.45 (Toronto symbol RET.A; SI Rating: Extra Risk) (514-384-1140; www.reitmans.com; Shares outstanding: 68 million; Market cap: $1.3 billion; Dividend yield: 4.1%) owns 982 women’s clothing stores across Canada.
The chain consists of 369 Reitmans, 165 Penningtons, 163 Smart Set, 124 Addition Elle, 76 Thyme Maternity, 66 RW & Co. and 19 Cassis stores. Reitmans continues to actively monitor its regional markets, and open and close stores as necessary. This year, it’s opening 30 new stores, closing 11 outlets and remodelling 30 stores.
Big jump in quarterly earnings
In the three months ended May 1, 2010, Reitmans’ earnings jumped 111.1%, to $16.5 million, or $0.24 a share, from $7.8 million, or $0.11 a share, a year earlier. Sales rose 3.3%, to $239 million from $231.4 million. Same-store sales rose 1.7%.
The higher sales were the main reason for the earnings increase. The Canadian dollar’s strength against the U.S. dollar also helped, because Reitmans pays its Chinese suppliers in U.S. dollars.
The…
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