Reitmans, a Canadian retailer, reported a decline in revenue and earnings for its third quarter ended November 2, 2023. The company attributed the drop to unfavorable weather conditions and a reduced store count.
A new weekly look at some small-cap stocks making news - or about to. Please let us know in the comments how you like this new feature and your suggestions on what you’d like to see in the future. Canada’s S&P/TSX SmallCap Index was up 13 per cent over the past 12 months, as of midday Thursday. The Russell 2000 in the U.S. was up about 10 per cent over the same period. Both indexes fell midweek alongside the broader markets.
) could see some volatility on Friday after the Montreal-based retailer reported a steep drop in revenues and earnings for its third quarter ended Nov. 2, citing “unfavourably warm autumn weather” that delayed sales and a lower store count compared to the same period last year. In its earnings report released after markets closed on Thursday, the retailer behind its namesake brand, Penningtons and RW&CO, also said its gross margin rate increased due to strong inventory control and fewer promotions. Net revenues came in at $187.7-million down 2.9 per cent from $193.4-million in the third quarter last year that ended on Oct. 28. Comparable sales, including e-commerce revenues, decreased 1.9 per cent year over year, despite increased sales dollar per transaction, the company said. Net earnings decreased to $2.1-million or 4 cents per share, down from net earnings of $5.3-million or 11 cents per share for the same quarter last year. Reitmans said adjusted earnings before interest, taxes, depreciation and amortization fell 60 per cent to $3.8-million compared to $9.5-million last year, citing mainly higher occupancy costs and foreign exchange losses. Gross margin increased 166 basis points to 57.3 per cent, while gross profit remained flat at $107.6-million. The company said it had 11 fewer stores in the quarter than a year ago. “Our store count lowered in comparison to last year as we continue to optimize store locations to align with evolving customer needs,” chief executive officer Andrea Limbardi said in a releas
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