Canada's Reitmans posts net sales of $800.6 mn, up 20.9% in FY23

Net earnings from continuing operations for FY23 were $77.7 million, with basic and diluted earnings per share of $1.59, as compared with $143.2 million, with a basic and diluted earnings per share of $2.93 for FY22.

Furthermore, adjusted EBITDA from continuing operations for fiscal 2023 was $57 million as compared to $38.6 million for fiscal 2022.

In the fourth quarter of fiscal 2023, the company's net sales increased by 11.4 per cent to $211.9 million, with comparable sales growing by 12.7 per cent year-on-year (YoY). E-commerce net sales made up approximately 34 per cent of the total net sales. The gross profit for the quarter was $108.5 million, and net earnings from continuing operations were $27.5 million. Furthermore, adjusted EBITDA from continuing operations was minus $3.7 million.

"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 per cent over fiscal 2022" said Stephen F Reitman, president and CEO of Reitmans. "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 the first part of fiscal 2024, 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."

Fibre2Fashion News Desk (DP)