Reitmans Narrows Its Fiscal Q1 Loss as Revenue Edges Higher
Reitmans (Canada) (RET.V) after the close Tuesday reported a narrower fiscal first-quarter loss as revenue increased and the retailer made progress across the business despite a challenging economic environment.The company's net loss in the quarter ended May 2 stood at C$6.3 million, or $0.13 per share, compared to a loss of $10 million, or $O.20 per share, in the prior year period.Revenue rose to $160.1 million compared to $158.9 million the first quarter of last year.The company said adjusted EBITDA improved by $5.2 million to $(5.4) million for the quarter."The difficult economic reality is impacting everyday Canadians - we hear it from our customers every day. The rise in fuel costs and the related effects are significant. We remain committed to being the best choice for Canadians for great fashion at exceptional value. We are confident in our strategy, our brands, and the work underway to build a stronger, more resilient RCL," said chief executive Andrea Limbard.During the first quarter of 2027, under the NCIB, the company purchased for cancellation 235,600 Class A non-voting shares for an aggregate cash consideration of C$0.5 million. From the inception of the NCIB, on August 5, 2024, to May 2, 2026, the company has purchased for cancellation a total of 745,200 shares.Shares of the company closed up C$0.01 to C$2.06 on TSX Venture Exchange on Tuesday.
