Reitmans sees sales rise, earnings decline in fourth quarter and fiscal year

MONTREAL – Reitmans (Canada) Ltd. says it saw sales rise in its fourth quarter and full fiscal year, while net earnings were down.

The Montreal-based retailer says sales for the fourth quarter of fiscal 2023 increased by 11.4 per cent to $211.9 million, while sales for the full year rose 20.9 per cent to $800.6 million.

Net earnings from continuing operations were $27.5 million for the fourth quarter, down almost 72 per cent from $97.5 million a year earlier, while earnings for the full year were $77.7 million, down almost 46 per cent from $143.2 million.

Reitmans attributed the decrease in earnings to a variety of factors including an increase in operating and financing costs and several one-time boosts in fiscal 2022.

President and CEO Stephen F. Reitman said he’s proud of the team’s performance in fiscal 2023 after exiting from creditor protection in January 2022.

The retailer initially filed for creditor protection in May 2020.

This report by The Canadian Press was first published April 13, 2023.

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