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Despite Q4 setback, Reitmans stays positive on recovery
Reitmans store Credits: Facebook/Reitmans Canadian apparel retailer Reitmans reported a drop in fourth quarter net revenues with a decline in net earnings. Net loss for the quarter reached 4.2 million Canadian dollars and net sales decreased by 7.3 percent to 204.8 million Canadian dollars. Despite these challenges, CEO Andrea Limbardi expressed confidence in the company's strategic direction with the company achieving strong performance during Black Friday and Cyber Monday, as well as positive lead-up to Christmas and Boxing Week. "The success of those shopping events largely offset the impact of warmer weather in the first half of the quarter, which delayed consumers transitioning to winter apparel," Limbardi said. Looking ahead, Reitmans plans to invest in technology and supply chain improvements to support its omni-channel growth strategy. The company aims to strengthen its market position by offering a seamless shopping experience across all platforms. “We expect to reinvest over $100 million over the next five years on capital projects focused on growth. Our ambition is to reach $1 billion in annual net revenue with Adjusted EBITDA to grow to $60-70 million by the end of fiscal 2030,” Limbardi added.
Canadian apparel retailer Reitmans reported a drop in fourth quarter net revenues with a decline in net earnings.
Net loss for the quarter reached 4.2 million Canadian dollars and net sales decreased by 7.3 percent to 204.8 million Canadian dollars.
Despite these challenges, CEO Andrea Limbardi expressed confidence in the company's strategic direction with the company achieving strong performance during Black Friday and Cyber Monday, as well as positive lead-up to Christmas and Boxing Week. "The success of those shopping events largely offset the impact of warmer weather in the first half of the quarter, which delayed consumers transitioning to winter apparel," Limbardi said.
Looking ahead, Reitmans plans to invest in technology and supply chain improvements to support its omni-channel growth strategy. The company aims to strengthen its market position by offering a seamless shopping experience across all platforms.
“We expect to reinvest over $100 million over the next five years on capital projects focused on growth. Our ambition is to reach $1 billion in annual net revenue with Adjusted EBITDA to grow to $60-70 million by the end of fiscal 2030,” Limbardi added.
