Clothing retailer Reitmans (Canada) Ltd. said Wednesday it earned $11.4-million in its latest quarter, down from $14.1-million a year ago, as discounting cut into its margins.
The company said profit amounted to 17 cents per diluted share for the quarter ended Jan. 29 compared with a profit of 21 cents per diluted share a year ago.
"An improvement in the gross margin attributable to the strength of the Canadian dollar in the fourth quarter ended Jan. 29, 2011 was offset by a reduction due to increased promotional activity," the company said in a statement.
Revenue for what was the company's fourth quarter totalled $269.5-million, up from $268.1-million, while same-store sales fell 0.6 per cent.
Reitmans operates under several banners in addition to is namesake stores including Smart Set, RW & CO., Thyme Maternity, Cassis, Penningtons and Addition Elle.
The company had 968 stores at the end of its most recent quarter.
For its full financial year, the company said it earned $87-million or $1.29 per diluted share on $1.07-billion in sales. That compared with a profit of $67.2-million or 98 cents per diluted share on $1.06-billion in sales the year before.
During the year, the company opened 31 new stores and closed 40.
Shares in the company, which reported its results after the close of markets, were down 31 cents at $17.50 on the Toronto Stock Exchange on Wednesday.