Skip to main content

Louie Palu/The Globe and Mail

Reitmans (Canada) Ltd.'s reported a 58 per cent drop in first-quarter profit on Wednesday as consumers cut back spending in the economic downturn.

The Montreal-based women's clothing retailer, whose banners include Reitmans, Smart Set and Penningtons, said it earned $7.8-million, or 11 cents a share, in the quarter ended May 2, down from $18.4-million, or 26 cents a share, a year earlier.

Overall sales rose 1.5 per cent to $231.7-million. However same store sales - the performance of stores open for at least a year - slid 0.8 per cent.

Story continues below advertisement

Reitmans blamed the softer same store sales on the weak economy as consumers cut back on discretionary spending.

Report an error
Comments are closed

We have closed comments on this story for legal reasons. For more information on our commenting policies and how our community-based moderation works, please read our Community Guidelines and our Terms and Conditions.