Reitmans sales up 11.4 percent, but profits are slim

The company’s full fiscal year also saw a substantial increase in sales, with a 20.9% rise to $800.6 million. Unfortunately, this growth did not translate into higher profits. Net earnings from continuing operations for the fourth quarter were $27.5 million, a sharp decline of almost 72% from $97.5 million a year earlier.

Full-year earnings also suffered, dropping nearly 46% to $77.7 million from $143.2 million. Reitmans attributed the decrease in earnings to various factors, including increased operating and financing costs, as well as several one-time boosts in fiscal 2022. Despite these challenges, President and CEO Stephen F.

Reitman expressed pride in the team’s performance in fiscal 2023, particularly after the company emerged from creditor protection in January 2022.

The retailer initially filed for creditor protection in May 2020, and after 19 months of restructuring, it managed to bounce back, albeit with the loss of 160 stores, two brands (Addition Elle and Thyme Maternity), and approximately 1,400 employees…