As of 28 January 2023, Reitmans operated a total of 406 stores. Credit: Whpq/commons.wikimedia.org.

Canadian women’s speciality apparel retailer Reitmans has reported net sales of $600.6m (C$800.6m) for the fiscal year (FY) 2023.

This reflects a 20.9% or $103.9m (C$138.6m) increase in the company’s net sales from $496.6m (C$661.9m) in FY22.

Go deeper with GlobalData

Data Insights

The gold standard of business intelligence.

Find out more

Related Company Profiles

View all

The retailer noted that this increase in the figures was driven by the continuous operations of its store in the current FY, which ended on 28 January 2023.

Reitmans said that most of its stores were partially closed in FY22 due to the pandemic-induced lockdowns while there were no such government-imposed lockdowns during FY23.

Other reasons for the increase in annual sales include higher average transaction value, strong customer engagement and merchandising assortment, as well as fewer markdowns and promotional discounts.

The company’s gross profit in FY23 increased to $336.6m (C$448.7m) from $265m (C$353.2m) in FY22.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

Net earnings from continuing operations for the reported year went down to $58.29m (C$77.7m), with $0.89 (C$1.59) basic and diluted earnings per share (EPS), from $107.4m (C$143.2m) or $2.20 (C$2.93) basic and diluted EPS in FY22.

This downward trajectory has been attributed to higher operating costs and increased net finance costs in FY23, among other reasons.

Adjusted earnings before interest, taxes, depreciation, and amortisation (EBITDA) for FY23 stood at $42.7m (C$57.0m).

Reitmans CEO and president Stephen Reitman said: “I am extremely proud of our team’s performance in fiscal 2023 after exiting from the Companies’ Creditors Arrangement Act in January 2022 with net sales up 20.9% over fiscal 2022.

“And despite near term headwinds related to the economic environment, which impacted our performance in the fourth quarter of 2023 and which may persist through first part of FY24, we remain excited about our strong competitive positioning and ability to serve our customers as we work towards delivering on our long-term growth aspirations.”

Similar growth was recorded in the fourth quarter (Q4) of FY23, with net sales of $159.0m (C$211.9m) and gross profit of $81.40m (C$108.5m). However, adjusted EBITDA in Q4 FY23 decreased to $2.7m (C$3.7m) from $7.9m (C$10.6m) in Q4 FY22.