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    Canadian retailer Reitmans Limitee reports Q1 FY22 sales of $121 mn

    05
    Jul '21
    Pic: Shutterstock
    Pic: Shutterstock
    Reitmans Limitee, a Canadian women's specialty apparel retailer, has posted 49.2 per cent sales growth to $121.3 million (Canadian dollars) in its first quarter (Q1) of FY22 ended on May 1, 2021, compared to sales of $81.3 million in same period of previous fiscal. The company’s a gross profit for Q1 FY22 was $59.9 million (Q1 FY21: $28.6 million).
     
    “As of May 1, 2021, the company had 181 out of its 415 stores (44 per cent) closed as a consequence of governmental lockdown directives. During the first quarter of 2021, all of the company’s stores were closed for 47 consecutive days. While stores remained closed during partial or full lockdowns, the company continued to fulfil e-commerce orders though sales were not sufficient to offset the lost sales due to the closures,” the company said in a press release.
     
    The selling, general and administrative expenses for Q1 FY22 was $59.5 million ($84.5 million). Net loss for the three-month period reduced to $0.0 million ($74.7 million).
     
    “As at the date of this MD&A, the company has 57 Ontario stores temporarily closed and is subject to significant capacity restrictions in various regions. The extent to which Covid-19 will continue to impact the company’s business, including its supply chain, consumer shopping behaviour and consumer demand, including online shopping, will depend on future developments, which are highly uncertain and cannot be predicted at this time,” the company added.

    Fibre2Fashion News Desk (JL)


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