Sales continue to climb at Reitmans

Canadian retailer Reitmans continue to see sales climb in the three and nine-month period, which ended October 29, 2016.

Sales for the nine months were $703.5 million as compared with $695 million for the nine months ended October 31, 2015, an increase of 1.2 percent. Reitmans saw an increase despite the closing of 81 stores this period as the Company tries to optimize performance in select markets.

The Company also continues to experience strong growth in its e-commerce channel. Same store sales increased 7.5 percent with stores increasing 5 percent and e-commerce increasing 48.3 percent for the nine-month period.

Still, the Company's gross margin for the nine months decreased to 56.4 percent from 57.2 percent, as did gross profit with a 0.2 percent decrease to $396.6 million as compared with $397.3 million for the same period last year.

Net earnings increased $18.8 million for the nine to $10.6 million ($0.17 basic and diluted earnings per share).

The womenswear specialty apparel retailer currently operates 694 stores consisting of 302 Reitmans, 127 Penningtons, 98 Addition Elle, 84 RW & CO., 64 Thyme Maternity and 19 Hyba.

Sales continue to climb at Reitmans

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