Reitmans Limitee has seen an encouraging sales growth of 19.7 per cent to $172.3 million (Canadian dollars) in the second quarter (Q2) of FY22 ended on July 31, 2021, over the corresponding period of prior fiscal. The Canadian women's specialty apparel retailer also returned to profit with net earnings of $34.1 million (Q2 FY21: loss $72.0 million).
Reitmans Limitee has seen an encouraging sales growth of 19.7 per cent to $172.3 million (Canadian dollars) in the second quarter (Q2) of FY22 ended on July 31, 2021, over the corresponding period of prior fiscal. The Canadian women's specialty apparel retailer also returned to profit with net earnings of $34.1 million (Q2 FY21: loss $72.0 million).#
Gross profit for the quarter increased to $95.7 million ($71.2 million), while selling, general and administrative expenses were $68.4 million ($65.0 million). The company’s results from operating activities expanded to $25.0 million ($26.7 million) primarily due to the increase in gross profit from higher sales and lower promotional activity and a decrease in overall operating costs of $27.3 million.
Reitmans Limitee has seen an encouraging sales growth of 19.7 per cent to $172.3 million (Canadian dollars) in the second quarter (Q2) of FY22 ended on July 31, 2021, over the corresponding period of prior fiscal. The Canadian women's specialty apparel retailer also returned to profit with net earnings of $34.1 million (Q2 FY21: loss $72.0 million).#
The COVID-19 pandemic continued to have a significant impact on the retailer’s results, according to the leading Canadian fashion brand. As of July 31, 2021, there were no stores temporarily closed as a consequence of governmental lockdown directives. Moreover, in June 2021, the company implemented its buy online pick up in store (BOPIS) initiative to enhance its customers' omnichannel experience and reduce freight costs on fulfilling e-commerce orders.
Fibre2Fashion News Desk (JL)
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