Winnipeg Free Press - PRINT EDITION

Reitmans reports decline in sales

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MONTREAL -- Reitmans shares closed down four per cent Thursday after the retailer reported a drop in sales for the five weeks spanning the holiday shopping period.

The clothing retailer (TSX:RET.A) said sales fell 5.4 per cent for the five weeks ended Dec. 29, while same-store sales were down 3.4 per cent.

For the fourth quarter to date, sales were down five per cent while same-store sales were off 2.4 per cent.

On Thursday, Reitmans shares were down 52 cents to close at $11.98 on the Toronto Stock Exchange.

In a release, the retailer said it opened nine new stores and closed one since late October.

In November, Reitmans reported it earned $38,000 in the third quarter, down from $10.6 million a year ago, as sales were hurt by a problem in shipping products to stores.

It said the profit amounted to break-even on a per-share basis for the quarter ended Oct. 27 compared with a profit of 16 cents per share a year ago.

 

-- The Canadian Press

Republished from the Winnipeg Free Press print edition January 4, 2013 B12

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