Reitmans sales still promising in Q2

Despite turbulent times for fashion retailers, Reitmans Limited has once again announced promising financial results.
 
The Canadian retailer announced last week sales of $251.1 million for the second quarter ended July 29, 2017 despite a net reduction of 55 stores.
 
Same store sales increased 2.5 percent - marking the thirteenth consecutive quarter of positive same store sales - while e-commerce sales soared upwards by 39.9 percent.
 
Reitmans sales still promising in Q2. - Facebook: Reitmans

Though store sales decreased 0.6 percent in the second quarter, year-to-date store sales are still in the green and up by 0.2 percent. Meanwhile, sales for the six months ended July 29, 2017 are also up 0.1 percent at $458.2 million, compared with $457.9 million for the six months ended July 30, 2016.
 
Still, the owner of more than 600 clothing stores across six different banners such as Penningtons and Addition Elle, saw gross profit for the three-month period fall by $4.5 million or 3.1 percent to $138.7 million as compared with $143.2 million for the three months ended July 30, 2016. 
 
Net earnings for the three months ended July 29, 2017 was $9.7 million ($0.15 basic and diluted earnings per share) as compared with a $9 million net earnings reported for the same period last year.  
 
For the rest of the year, what’s promising is the appointment of Nicolas Gaudreau as Chief Marketing Officer. Gaudreau will oversee marketing and support the growth of all company banners, including Reitmans, RW&CO., Addition Elle, Penningtons, Thyme Maternity and Hyba.
 
"Mr. Gaudreau has an impressive track record and we firmly believe that he will skillfully shape our digital transformation, provide direction to our marketing and e-commerce teams, and strengthen our digital leadership across all our brands," said Walter Lamothe, President, Retail and Chief Operating Officer, Reitmans (Canada) Limited, in a news statement.
 
What’s more, sales for the month of August equally continue to look promising with both same store sales and store sales up 0.2 and 2.4 percent respectively. 

The company currently operates 664 stores consisting of 280 Reitmans, 125 Penningtons, 95 Addition Elle, 85 RW & CO., 60 Thyme Maternity and 19 Hyba.

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