RCL operated 406 stores as of the end of Q1 FY24. Credit: Whpq/commons.wikipedia.org.

Speciality apparel retailer Reitmans (Canada) Limited (RCL) has generated C$165.0m ($123.6m) in net sales in the first quarter (Q1) of fiscal year (FY) 2024.

This is up by 7.2% compared to the same period in FY23.

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Sales for the quarter were driven by the growth in comparable sales, boosted by in-store traffic rise and improved sales dollars per unit.

The retailer’s comparable sales, which includes e-commerce net sales, rose by 6.4% in Q1 FY24.

In the 13 weeks ending 29 April 2023, gross profit for RCL was C$88.1m, up from C$84.0m in the same period a year ago. However, gross profit as a percentage of net sales declined to 53.4% in Q1 FY24 from 54.6% in Q1 FY23.

The retailer’s net loss was C$3.8m in Q1 FY24, compared with C$1.7m in the prior fiscal.

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RCL attributed the increase in net loss to an increase in store and corporate personnel costs and higher rent.

RCL president and chief executive officer Stephen Reitman said: “I am very pleased with the start to fiscal 2024, against a background of higher interest rates, inflation impacting customers’ shopping behaviours and the foreign exchange impact on RCL’s US dollar-denominated purchases.

“With supply chain conditions considerably improved in comparison to the first quarter of 2023, we benefitted from lower supply chain costs in the first quarter of 2024.

“We believe our ability to provide customers fashion merchandise at affordable prices through shopping in our stores or online, where orders are fulfilled from our network of stores or from our distribution centre, is an important contributor to our success.”

RCL is one of Canada’s leading women’s speciality apparel retailers with a network of 406 stores.