Apparel retailer Reitmans Canada (RCL) increased fourth quarter revenues by 8.1 million Canadian dollars or 3.8 percent to 221 million Canadian dollars, while comparable sales including e-commerce net sales, decreased 1.6 percent.
Net revenues for fiscal 2024 decreased by 8.6 million Canadian dollars or 1.1 percent to 794.7 million Canadian dollars and comparable sales decreased 3.2 percent.
“We are pleased with the results for the fourth quarter of 2024 which capped off a year that saw significant headwinds for the retail industry with high inflation and high interest rates negatively impacting consumer shopping behaviour”, said Andrea Limbardi, president and chief executive officer of RCL.
Gross profit for the quarter increased 5.4 million Canadian dollars to 114.9 million Canadian dollars, while gross profit as a percentage of net revenues increased to 52 percent.
Gross profit for fiscal 2024 decreased 20.4 million Canadian dollars to 431 million Canadian dollars, while gross profit as a percentage of net revenues decreased to 54.2 percent.
The company had no net earnings compared with 27.5 million Canadian dollars or 0.56 Canadian dollars basic and diluted earnings per share for the fourth quarter of 2023. Adjusted EBITDA for the quarter rose to 1.7 million Canadian dollars.
Net earnings for fiscal 2024 declined to 14.8 million Canadian dollars or 0.30 Canadian dollars basic and diluted earnings per share and adjusted EBITDA for the year decreased to 29.2 million Canadian dollars.