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Canadian retailer Reitmans Limitee's FY21 sales fall 24% to $533 mn
21 Apr 21 2 min read
Reitmans Limitee, a Canadian women's specialty apparel retailer, has posted 24.4 per cent sales decline to $533.4 million (Canadian dollars) in its complete fiscal 2021 ended on January 30, 2021, compared to sales of $705.5 million in previous fiscal. The company incurred a net loss during the year of $172.2 million (FY20: $87.4 million).
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Gross profit for FY21 fell to $117.6 million ($246.3 million), while selling and distribution expenses were $66.3 million ($92.0 million). The company’s results from operating activities for the year reported a loss of $11.8 million ($16.3 million).
“During the fourth quarter of 2021, as restrictions continued to increase across Canada, temporary store closures grew to approximately 62 per cent (at its highest point) of the company's total retail store network. As at January 30, 2021, the company had 240 out of its 415 stores (58 per cent) closed as a consequence of governmental lockdown directives,” company reported in a press release.
“While stores remained closed in certain markets, the company continued to fulfil e-commerce orders though sales were not sufficient to offset the lost sales due to the closures. The extent to which Covid-19 will continue to impact the company's business, including its supply chain, consumer shopping behaviour and consumer demand, including online shopping, will depend on future developments, which are highly uncertain and cannot be predicted at this time,” the company said.
Fibre2Fashion News Desk (JL)
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