Reitmans reports second-quarter profit of $10.1M, down from $13.1 last year
Montreal-based retailer Reitmans Ltd. reported a net earnings decrease of $10.1 million for the second quarter, marking a decline from $13.1 million in the same period last year. The company's diluted earnings per share amounted to 20 cents, compared to 26 cents in the prior quarter. Reitmans' net revenue fell by approximately two percent year-over-year, reaching $211.8 million, down from $215.9 million in the previous period.
The company's inventory ended the quarter at $119.7 million, a five percent decrease compared to the previous year. Reitmans operates across Canada with a total of 385 stores.
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