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For its second quarter that ended in late July 2023, Montreal-based national specialty apparel retailer, Reitmans (Canada) Ltd. reported net sales of $213.2-million(Cdn), down from $229.2-million(Cdn) last year. Comparable sales, which include eCommerce net sales, decreased seven percent during the second quarter of 2024, primarily due to lower average transaction values and higher promotional activity. The company performed well in the second quarter of 2024, although below the results of the second quarter of 2023, which benefitted from exceptional market conditions due to the easing of pandemic-related restrictions. The current economic environment necessitated higher promotional activity as Canadian consumers cautiously managed their discretionary spending budgets. “We saw positive customer response in our second quarter with traffic and conversion remaining relatively stable in our stores despite the challenging economic environment,” said President, CEO Andrea Limbardi. “Additionally, RCL has a strong balance sheet and cashflows from operations in the quarter contributed to the strength in financial position. We are continuing to invest in our strategic initiatives to build on our strong market position and we remain disciplined to continue to deliver value and choice to our customers whether shopping in our stores or online. I look forward to working with our talented team in delivering on our long-term results and value to shareholders.” A leading women’s specialty apparel retailer with retail outlets throughout Canada, at the end of the quarter Reitmans (Canada) operated 405 stores consisting of 235 Reitmans, 90 Penningtons and 80 RW&CO. One Pennington store closed during the second quarter.
Reitmans (Canada) Ltd., 250 Sauve St. West, Montreal, Quebec H3L 1Z2 (514/384-1140 www.reitmanscanadalimited.com)