Reitmans posts Q1 results & declares cash dividend of $0.09 per share

27 May '05
2 min read

leading men's & women's apparel & accessory trading retailer reitmans (canada) limited
confirmed its three months ended april 30,2005.

sales for the first quarter ended april 30, 2005 increased 10% to $213,732,000 as compared with $193,420,000 for the first quarter ended may 1, 2004 last year. comparable store sales increased 7% in the period. this sales increase is a result of strong customer response to the company's spring merchandise offerings across all banners. as well, the company had 876 stores in operation in this period compared to 854 stores in the same period last year.

net earnings for the period increased 51% to $19,667,000 or $0.28 per share (after reflecting the 100% stock dividends paid on april 18, 2005) as compared with $13,038,000 or $0.19 per share last year. operating earnings before depreciation and amortization (ebitda) increased 47% to $34,451,000 as compared with $23,476,000 last year.

during the first quarter, the company opened 14 new stores comprised of 4 reitmans, 1 smart set, 2 rw & co., 1 thyme maternity, 4 penningtons and 2 addition elle; 5 stores were closed. accordingly, at april 30, 2005, there were 876 stores in operation, consisting of 355 reitmans, 163 smart set, 32 rw & co., 67 thyme maternity, 144 penningtons and 115 addition elle. an
additional 28 stores are scheduled to open this year and 17 stores will be closed.

at the board of directors meeting held on may 26, 2005, a quarterly cash dividend of $0.09 per share was declared on all class a non-voting and common shares outstanding, payable july 28, 2005 to shareholders of record on july 14, 2005. the rate reflects the 100% stock dividends paid on april 18, 2005 on the class a non-voting and common shares then outstanding.

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