Reitmans reports $3.8 million loss in first quarter, sales rise
Posted June 14, 2023 5:37 pm.
Last Updated June 14, 2023 5:42 pm.
MONTREAL — Reitmans (Canada) Ltd. reported a net loss of $3.8 million in its first quarter, compared with a net loss of $1.7 million a year earlier.
The Montreal-based retailer says sales for the quarter ended April 29 were $165.0 million, up 7.2 per cent from $153.9 million the same quarter last year.
Reitmans says the growth in sales was mainly due to increased in-store traffic and improved sales dollars per unit.
Meanwhile, it says the increased net loss is mainly due to higher personnel costs and higher rent.
President and CEO Stephen Reitman says in a press release that the company benefited from lower supply chain costs in the first quarter.
The company recently announced that Andrea Limbardi will become president and CEO on Sept. 5, while Reitman will become executive chairman of the board.
This report by The Canadian Press was first published June 14, 2023.
Companies in this story: (TSX:RET)
The Canadian Press