Reitmans sales steady in Q1
Reitmans announced steady sales in its first quarter ended May 5, 2018, but still suffered a net loss during the quarter.
The Canadian retailer reported sales of $207.6 million during the quarter, compared with $207.1 million for the three months ended April 29, 2017, despite a net reduction of 32 stores.
E-commerce sales soared the most, increasing 21.9 percent. Overall, same-store sales were still down 0.8 percent, however, with stores sales decreasing 3.9 percent.
The company’s net loss narrowed compared to last year, but still included a net loss of $3.2 million as compared with a $6.6 million net loss ($0.10 basic and diluted loss per share) for the first quarter of fiscal 2018.
The company attributed the smaller loss to reduced store operating costs, a longer quarter, as well as a foreign exchange boost.
Meanwhile, gross profit for the first quarter of fiscal 2019 increased $3.1 million or 2.7 percent, to $116.3 million.
To date, Reitmans performance is shaping up in its second quarter. Sales for the month of May (the four weeks ended June 2, 2018) increased 4.6 percent. Same store sales increased 7.7 percent with stores sales increasing 4.9 percent and e-commerce sales increasing 29.2 percent.
The company announced in March plans to close its Hyba retail locations, its affordable activewear line, across Canada. Hyba retail store sales represent less than 2 percent of the company's total annual sales.
The womenswear specialty apparel retailer currently operates 637 stores consisting of 269 Reitmans, 121 Penningtons, 89 Addition Elle, 80 RW & CO., 62 Thyme Maternity and 16 Hyba.
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