Latest news with #Reitmans
Yahoo
4 days ago
- Lifestyle
- Yahoo
11 lightweight, loose-fitting pants to help you beat the heat this summer — starting at $25
When the weather is hot, it sometimes feels like women have only two options: wear shorts or a skirt, the enemy of a stiff breeze. Thankfully, there's a secret third option: lightweight, loose-fitting pants. Not only do they feel as airy as a summer skirt, but they also offer more coverage than shorts, preventing sweaty thighs from chafing or sticking together. Bonus points: they're wind-proof. Here are 11 pairs of blousy summer pants from brands like Gap, Reitmans and Aritzia. We'll be adding them into rotation, stat. Think loose-fitting pants look unprofessional? Think again. This no.1 bestselling style on Amazon looks ready for the office with its silky fabric and chic tie waist. "The perfect summer work pants," says one Amazon shopper. They're "lightweight but not flimsy," notes another. Reviewers swear that the compliments start rolling in as soon has they put these trousers on. Available in more than 30 colours and prints, they're the ideal length for wearing with flats or low heels. If you're looking to dip a toe in the barrel-leg trend for summer, you can't beat the subtle shape of these 100 per cent cotton pants. They're "comfortable and breezy" for days when the humidex is high, yet stylish enough to wear for drinks with friends. They're also easy to pack for summer vacations. Choose from three different lengths (petite, regular and tall) to find your perfect fit. You may also like the matching top. A classic striped pant goes with everything from a crisp button-up to a relaxed T-shirt. This style is woven with a soft linen blend and has a bit of stretch. With a flattering high-rise fit, they zip up and have belt loops, so you can polish the look with a brown or black belt. Note: The pants run a bit long and, unless you're tall, may work best with wedges or heels. These 100 per cent organic cotton gauze pants are begging for a day at the beach or pool. They have an elasticized waist with a drawstring closure for ultimate comfort and come in fresh summer hues including lilac, pistachio, sand, white and slate blue. (Prefer classic black? You're in luck! They come in black, too.) Add the matching oversized shirt for the perfect lounge outfit. The botanical pattern on these blue-and-cream palazzos screams tropical vacation — the exact kind of vibes we want to put out into the universe this season. Sure, they're made of polyester (points for being recycled), but you really can't beat the price, so we'll let it slide. The style is also available in a few other hues, such as red and beige. "A dream," gushes a Dynamite shopper of these elegant pleated trousers. "I love how they flow when I walk," notes another customer. They're "polished" and "elevated" while remaining comfortable. Made from lightweight twill, the pants have a partially elasticized waistband for a relaxed fit. Try them in fresh white or versatile mushroom. You know that effortlessly stylish woman you've always wished you could be? She owns these pants. Crafted in Portugal using 100 per cent linen with a light grain, this breathable style is begging for a spot in your wardrobe. From this summer onward, they'll be a favourite in your effortlessly stylish woman's arsenal. Capris are "in" this season, but loose-fit cropped pants are a tad more wearable (and more likely to still be in style next year). This short version of Aritzia's beloved The Effortless Pant is designed to be worn with literally any top: tanks, tees, blouses and hoodies. It's easy to dress up or down. Try it in white, ecru or the limited-edition sundried olive. A wide-leg pant in a structured fabric, these By Anthropologie pants offer an artsy take on summer dressing. They're "so cute and unique," says one reviewer. "A great alternative to shorts," notes another. Women of all ages and body types say that they're flattering, too. Choose between white and navy with white stitching. If you're all about a dramatic silhouette, these ultra-wide-leg pants will be right up your alley. They're a brand new Banana Republic style for summer and have embroidered panels along the hem for added interest. Wear them all summer long, then toss them in your suitcase for any warm-weather travel you have coming up this winter. The matching top is also gorgeous. You don't want average loose-fit pants; you want sexy loose-fit pants. Enter: Joe Fresh's wide-leg trousers in luxurious crepe satin. Wear them with the matching tank and chunky metal jewelry for evening, or don a T-shirt, sneakers and tote for running errands. Either way, you'll look totally chic.
Yahoo
4 days ago
- Lifestyle
- Yahoo
11 lightweight, loose-fitting pants to help you beat the heat this summer — starting at $25
When the weather is hot, it sometimes feels like women have only two options: wear shorts or a skirt, the enemy of a stiff breeze. Thankfully, there's a secret third option: lightweight, loose-fitting pants. Not only do they feel as airy as a summer skirt, but they also offer more coverage than shorts, preventing sweaty thighs from chafing or sticking together. Bonus points: they're wind-proof. Here are 11 pairs of blousy summer pants from brands like Gap, Reitmans and Aritzia. We'll be adding them into rotation, stat. Think loose-fitting pants look unprofessional? Think again. This no.1 bestselling style on Amazon looks ready for the office with its silky fabric and chic tie waist. "The perfect summer work pants," says one Amazon shopper. They're "lightweight but not flimsy," notes another. Reviewers swear that the compliments start rolling in as soon has they put these trousers on. Available in more than 30 colours and prints, they're the ideal length for wearing with flats or low heels. If you're looking to dip a toe in the barrel-leg trend for summer, you can't beat the subtle shape of these 100 per cent cotton pants. They're "comfortable and breezy" for days when the humidex is high, yet stylish enough to wear for drinks with friends. They're also easy to pack for summer vacations. Choose from three different lengths (petite, regular and tall) to find your perfect fit. You may also like the matching top. A classic striped pant goes with everything from a crisp button-up to a relaxed T-shirt. This style is woven with a soft linen blend and has a bit of stretch. With a flattering high-rise fit, they zip up and have belt loops, so you can polish the look with a brown or black belt. Note: The pants run a bit long and, unless you're tall, may work best with wedges or heels. These 100 per cent organic cotton gauze pants are begging for a day at the beach or pool. They have an elasticized waist with a drawstring closure for ultimate comfort and come in fresh summer hues including lilac, pistachio, sand, white and slate blue. (Prefer classic black? You're in luck! They come in black, too.) Add the matching oversized shirt for the perfect lounge outfit. The botanical pattern on these blue-and-cream palazzos screams tropical vacation — the exact kind of vibes we want to put out into the universe this season. Sure, they're made of polyester (points for being recycled), but you really can't beat the price, so we'll let it slide. The style is also available in a few other hues, such as red and beige. "A dream," gushes a Dynamite shopper of these elegant pleated trousers. "I love how they flow when I walk," notes another customer. They're "polished" and "elevated" while remaining comfortable. Made from lightweight twill, the pants have a partially elasticized waistband for a relaxed fit. Try them in fresh white or versatile mushroom. You know that effortlessly stylish woman you've always wished you could be? She owns these pants. Crafted in Portugal using 100 per cent linen with a light grain, this breathable style is begging for a spot in your wardrobe. From this summer onward, they'll be a favourite in your effortlessly stylish woman's arsenal. Capris are "in" this season, but loose-fit cropped pants are a tad more wearable (and more likely to still be in style next year). This short version of Aritzia's beloved The Effortless Pant is designed to be worn with literally any top: tanks, tees, blouses and hoodies. It's easy to dress up or down. Try it in white, ecru or the limited-edition sundried olive. A wide-leg pant in a structured fabric, these By Anthropologie pants offer an artsy take on summer dressing. They're "so cute and unique," says one reviewer. "A great alternative to shorts," notes another. Women of all ages and body types say that they're flattering, too. Choose between white and navy with white stitching. If you're all about a dramatic silhouette, these ultra-wide-leg pants will be right up your alley. They're a brand new Banana Republic style for summer and have embroidered panels along the hem for added interest. Wear them all summer long, then toss them in your suitcase for any warm-weather travel you have coming up this winter. The matching top is also gorgeous. You don't want average loose-fit pants; you want sexy loose-fit pants. Enter: Joe Fresh's wide-leg trousers in luxurious crepe satin. Wear them with the matching tank and chunky metal jewelry for evening, or don a T-shirt, sneakers and tote for running errands. Either way, you'll look totally chic.
Globe and Mail
18-06-2025
- Business
- Globe and Mail
Reitmans (Canada) Limited Reports First Quarter Financial Results
MONTREAL, June 17, 2025 /CNW/ - Reitmans (Canada) Limited ("RCL" or the "Company") (TSXV: RET) (TSXV: RET -A), one of Canada's leading specialty apparel retailers, today reported its financial results for the first quarter ended May 3, 2025. Unless otherwise indicated, all comparisons are to the first quarter ended May 4, 2024. All dollar amounts are in Canadian currency.
Yahoo
17-06-2025
- Business
- Yahoo
Reitmans (Canada) Limited Reports First Quarter Financial Results
MONTREAL, June 17, 2025 /CNW/ - Reitmans (Canada) Limited ("RCL" or the "Company") (TSXV: RET) (TSXV: RET-A), one of Canada's leading specialty apparel retailers, today reported its financial results for the first quarter ended May 3, 2025. Unless otherwise indicated, all comparisons are to the first quarter ended May 4, 2024. All dollar amounts are in Canadian currency. Highlights Net revenues decreased 4.1% to $158.9 million, primarily due to severe winter weather in the month of February and economic uncertainty. Comparable sales1 decreased 4.5%. Gross profit % was down 100 basis points to 55.7%. Adjusted EBITDA1 was negative $10.6 million. Net loss was $10.0 million, or $0.20 per share. "While our e-commerce revenue grew in Q1, it was not enough to offset lower in-store traffic resulting from near-record snowfall accumulations in some regions during February," said Andrea Limbardi, President and CEO of RCL. "We saw improvement once the weather cleared; however, consumers were more price-conscious amid ongoing economic uncertainty. We proactively moved our merchandise with selective and strategic promotional activity, ending the quarter with healthy inventory levels. However, these actions resulted in a year-over-year gross profit impact. I am pleased with the performance of our Reitmans brand, which performed well in the quarter, responding to customers' concerns over the economy with its hallmark of great styles and quality at accessible price points." "Our disappointing financial results underscore the importance of implementing the five-year strategic plan we announced in April. This strategy is designed to drive long-term profitable growth and ultimately make our business more resilient. As part of our ongoing efforts to optimize our store fleet, we opened three new Reitmans stores, one RW&CO store, and two PENN stores that were relocations during the quarter. Meanwhile, under our strategy to fuel growth with modernization, we moved forward with the first phase of our digital strategic roadmap. Reflecting our commitment to a seamless customer journey across all our touch points, this first phase will include newly designed front-end e-commerce storefronts for all three brands and migrating to ShopifyTM. We expect the migration and launch of our enhanced e-commerce offering to be completed this fiscal year." 1 This is a Non-GAAP Financial Measure. See "Non-GAAP Financial Measures & Supplementary Financial Measures" for reconciliation of these measures. Selected Financial Information (in millions of dollars, except for gross profit % and earnings per share) (unaudited) First quarter 2026 2025 Change Net revenues $158.9 $165.7 (4.1 %) Gross profit $88.5 $93.9 (5.8 %) Gross profit % 55.7 % 56.7 % (100 bps) Selling, general and administrative expenses $99.1 $95.1 4.2 % Net loss ($10.0) ($1.5) n/a Adjusted EBITDA1 ($10.6) $0.9 n/a Loss per share: Basic ($0.20) ($0.03) n/a Diluted ($0.20) ($0.03) n/a 1 This is a Non-GAAP Financial Measure. See "Non-GAAP Financial Measures & Supplementary Financial Measures" for reconciliations of these measures. On May 3, 2025, RCL had working capital1 of $134.8 million, including cash of $85.4 million compared to working capital of $165.7 million, including cash of $158.1 million as at February 1, 2025 and working capital of $153.4 million, including cash of $98.9 million as at May 4, 2024. At the end of the first quarter, RCL had no long-term debt other than lease liabilities and no amounts were drawn under the Company's bank credit facilities. First Quarter Overview Net revenues decreased by 4.1%, to $158.9 million. The decrease was attributable to adverse weather conditions in the month of February and consumers being more price conscious as a result of economic uncertainty. Comparable sales1 decreased 4.5%, primarily due to lower store traffic and customers migrating to discounted merchandise. Gross profit % decreased by 100 basis points, to 55.7% or $88.5 million, mainly due to a lower proportion of regular priced sales. Adjusted EBITDA1 was a loss of $10.6 million, largely due to lower gross profit and higher occupancy costs and wages. Net loss was $10.0 million compared to a loss of $1.5 million a year earlier. The Company's complete financial statements including notes, and the Company's MD&A for the first quarter of fiscal 2026 are available online at Normal Course Issuer Bid The Company intends to renew the current NCIB, which expires in August 2025, through the facilities of the TSX Venture Exchange to purchase Non-Voting Shares. The NCIB would continue to be conducted through BMO Nesbitt Burns Inc. and is expected to take place over an additional period of 12 months from August 5, 2025. The extent to which the Company repurchases its shares and the timing of such purchases will depend upon the market conditions and other corporate considerations. The NCIB is subject to regulatory approval. Conference Call The Company will host a conference call on June 18, 2025, at 8:30 am Eastern Time to discuss its first quarter financial results. Interested parties may join the conference call by dialing 1-833-752-3725 or 647-846-8584 approximately 15 minutes prior to the call to secure a line. A live audio webcast of the call will be available at and will be available for replay at this website for 12 months. About Reitmans (Canada) Limited Reitmans (Canada) Limited is one of Canada's leading specialty apparel retailers for women and men, with retail outlets throughout the country. The Company operates 394 stores under three distinct banners consisting of 225 Reitmans, 86 PENN., and 83 RW&CO. For more information, visit For further information, please contact: Alexandra Cohen VP, Corporate Communications Reitmans (Canada) Limited Telephone: (514) 384-1140 Email: acohen@ Caroline Goulian Chief Financial Officer Reitmans (Canada) Limited Telephone: (514) 384-1140 Email: cgoulian@ NON-GAAP Financial Measures & Supplementary Financial Measures This press release makes reference to certain non-GAAP financial measures. These financial measures are not recognized measures under International Financial Reporting Standards ("IFRS") and do not have a standardized meaning prescribed by IFRS. They are therefore unlikely to be comparable to similar measures presented by other companies. Rather, these measures are provided as additional information to complement IFRS measures by providing further understanding of the Company's results of operations from management's perspective. Accordingly, these measures should not be considered in isolation nor as a substitute for the Company's analysis of its financial information reported under IFRS. NON-GAAP Financial Measures This press release discusses the following non-GAAP financial measures: adjusted earnings before interest, taxes, depreciation and amortization ("Adjusted EBITDA") and working capital. This press release also indicates Adjusted EBITDA as a percentage of net revenues and is considered a non -GAAP financial ratio. Net revenues represent the sales of merchandise less discounts and returns ("net sales") and includes shipping fees charged to customers on e-commerce orders. The intent of presenting Adjusted EBITDA is to provide additional useful information to investors and analysts. Adjusted EBITDA is currently defined as net earnings (loss) before depreciation, amortization, net impairment of non-financial assets, interest expense, interest income, income tax expense/recovery, pension windup-related administration costs, and adjusted for the impact of certain items, including a deduction of interest expense and depreciation relating to leases accounted for under IFRS 16, Leases. Management believes that Adjusted EBITDA is an important indicator of the Company's ability to generate liquidity through operating cash flow to fund working capital needs and fund capital expenditures and uses this metric for this purpose. Management believes that Adjusted EBITDA as a percentage of net revenues indicates how much liquidity is generated for each dollar of net revenues. The exclusion of interest income and expenses, other than interest expense related to lease liabilities as explained hereafter, eliminates the impact on earnings derived from non-operational activities. The exclusion of depreciation, amortization and net impairment losses, other than depreciation related to right-of-use assets as explained hereafter, eliminates the non-cash impact, and the exclusion of pension windup-related administrative costs presents the results of the on-going business. Under IFRS 16, Leases, the characteristics of some leases result in lease payments being recognized in net earnings in the period in which the performance or use occurs while other leases are recorded as right-of-use assets with a corresponding lease liability recognized, which results in depreciation of those assets and interest expense from those liabilities. Management is presenting its Adjusted EBITDA to reflect the payments of its store and equipment lease obligations on a consistent basis. As such, the initial add-back of depreciation of right-of-use assets and interest on lease obligations are removed from the calculation of Adjusted EDITDA, as this better reflects the operational cash flow impact of its leases. Working capital is defined as current assets less current liabilities. Management believes that working capital provides information that is helpful to understand the financial condition of the Company. Due to the seasonality of the Company's business, it is more relevant to compare the working capital position at the same point in time. Reconciliation of NON-GAAP Measures The tables below provide a reconciliation of net loss to Adjusted EBITDA:For the first quarter of2026 2025 Net loss $(10.0) $(1.5) Depreciation, amortization and net impairment losses on property and equipment, and intangible assets 3.9 4.1 Depreciation on right-of-use assets 10.2 9.3 Interest expense on lease liabilities 2.5 2.5 Interest income (1.0) (1.1) Income tax recovery (3.8) (0.6) Pension windup-related administration costs 0.3 - Rent impact from IFRS 16, Leases1 (12.7) (11.8) Adjusted EBITDA $(10.6) $0.9 Adjusted EBITDA as % of Net revenues (6.7) % 0.5 %1 Rent Impact from IFRS 16, Leases is comprised as follows; For the first quarter of2026 2025 Depreciation on right-of use assets $10.2 $9.3 Interest expense on lease liabilities 2.5 2.5 Rent impact from IFRS 16, Leases $12.7 $11.8 Supplementary Financial Measures The Company uses a key performance indicator ("KPI"), comparable sales, to assess store performance and sales growth. The Company engages in an omnichannel approach in connecting with its customers by appealing to their shopping habits through either online or store channels. This approach allows customers to shop online for home delivery or to pick up in store, purchase in any of our store locations or ship to home from another store when the products are unavailable in a particular store. Due to customer cross-channel behaviour, the Company reports a single comparable sales metric, inclusive of store and e-commerce channels. Comparable sales are defined as net sales generated by stores that have been continuously open during both of the periods being compared and include e-commerce net sales. The comparable sales metric compares the same calendar days for each period. Although this KPI is expressed as a ratio, it is a supplementary financial measure that does not have a standardized meaning prescribed by IFRS and may not be comparable to similar measures used by other companies. Management uses comparable sales in evaluating the performance of stores and online net sales and considers it useful in helping to determine what portion of new net sales has come from sales growth and what portion can be attributed to the opening of new stores. Comparable sales is a measure widely used amongst retailers and is considered useful information for both investors and analysts. Comparable sales should not be considered in isolation or used in substitute for measures of performance prepared in accordance with IFRS. Forward-Looking Statements All of the statements contained herein, other than statements of fact that are independently verifiable at the date hereof, are forward-looking statements. Such statements, based as they are on the current expectations of management, inherently involve numerous risks and uncertainties, known and unknown, many of which are beyond the Company's control and are based on several assumptions which give rise to the possibility that actual results could differ materially from the Company's expectations expressed in or implied by such forward-looking statements and that the objectives, plans, strategic priorities and business outlook may not be achieved. Consequently, the Company cannot guarantee that any forward-looking statement will materialize, or if any of them do, what benefits the Company will derive from them. Forward-looking statements are provided in this press release for the purpose of allowing investors and others to get a better understanding of the Company's operating environment and management's expectations and plans as of the date of this press release. However, readers are cautioned that it may not be appropriate to use such forward-looking statements for any other purpose. Forward-looking statements are based upon the Company's current estimates, beliefs and assumptions, which are based on management's perception of historical trends, current conditions and currently expected future developments, as well as other factors it believes, are appropriate in the circumstances. This press release contains forward-looking statements about the Company's objectives, plans, goals, expectations, aspirations, strategies, financial condition, results of operations, cash flows, performance, and prospects, opportunities and legal and regulatory matters. Specific forward-looking statements in this press release include, but are not limited to, statements with respect to the Company's belief in its strategies and its brands and their capacity to generate long-term profitable growth plans to meet certain financial objectives, future liquidity, planned capital expenditures, status and impact of systems implementation, the ability of the Company to successfully implement its strategic initiatives and cost reduction and productivity improvement initiatives as well as the impact of such initiatives. These specific forward-looking statements are contained throughout this press release and the Company's Management Discussion & Analysis ("MD&A") including those listed in the "Operating and Financial Risk Management" section of the MD&A. Forward-looking statements are typically identified by words such as "expect", "anticipate", "believe", "foresee", "could", "estimate", "goal", "intend", "plan", "seek", "strive", "will", "may" and "should" and similar expressions, as they relate to the Company and its management. Forward-looking statements are based on information currently available to management and on estimates and assumptions, including assumptions about future economic conditions and courses of action. Examples of material estimates and assumptions and beliefs made by management in preparing such forward looking statements: management's belief in its strategies and its brands and their capacity to generate long-term profitable growth, significant sales growth in RW&Co. both in stores and online, increased market share for both Reitmans and PENN., stability in the current market environment, changes in laws, rules, regulations and global standards, the Company's competitive position in its industry, the Company's ability to keep pace with changing consumer preferences, the absence of public health related restrictions impacting client shopping patterns or incremental direct costs related to health and safety measures, the Company's ability to execute on its capital expenditure plan, including at its distribution centre in Montreal, and the Company's ability to retain and recruit exceptional talent. Numerous risks and uncertainties could cause the Company's actual results to differ materially from those expressed, implied or projected in the forward-looking statements. Please refer to the "Forward-Looking Statements" section of the Company's MD&A for the first quarter of fiscal 2026. This is not an exhaustive list of the factors that may affect the Company's forward-looking statements. Other risks and uncertainties not presently known to the Company or that the Company presently believes are not material could also cause actual results or events to differ materially from those expressed in its forward-looking statements. Additional risks and uncertainties are discussed in the Company's materials filed with the Canadian securities regulatory authorities from time to time. The reader should not place undue reliance on any forward-looking statements included herein. These statements speak only as of the date made and the Company is under no obligation and disavows any intention to update or revise such statements as a result of any event, circumstances or otherwise, except to the extent required under applicable securities law. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. SOURCE Reitmans (Canada) Ltd View original content:
Cision Canada
17-06-2025
- Business
- Cision Canada
Reitmans (Canada) Limited Reports First Quarter Financial Results Français
MONTREAL, June 17, 2025 /CNW/ - Reitmans (Canada) Limited ("RCL" or the "Company") (TSXV: RET) (TSXV: RET -A), one of Canada's leading specialty apparel retailers, today reported its financial results for the first quarter ended May 3, 2025. Unless otherwise indicated, all comparisons are to the first quarter ended May 4, 2024. All dollar amounts are in Canadian currency. Highlights Net revenues decreased 4.1% to $158.9 million, primarily due to severe winter weather in the month of February and economic uncertainty. Comparable sales 1 decreased 4.5%. Gross profit % was down 100 basis points to 55.7%. Adjusted EBITDA 1 was negative $10.6 million. Net loss was $10.0 million, or $0.20 per share. "While our e-commerce revenue grew in Q1, it was not enough to offset lower in-store traffic resulting from near-record snowfall accumulations in some regions during February," said Andrea Limbardi, President and CEO of RCL. "We saw improvement once the weather cleared; however, consumers were more price-conscious amid ongoing economic uncertainty. We proactively moved our merchandise with selective and strategic promotional activity, ending the quarter with healthy inventory levels. However, these actions resulted in a year-over-year gross profit impact. I am pleased with the performance of our Reitmans brand, which performed well in the quarter, responding to customers' concerns over the economy with its hallmark of great styles and quality at accessible price points." "Our disappointing financial results underscore the importance of implementing the five-year strategic plan we announced in April. This strategy is designed to drive long-term profitable growth and ultimately make our business more resilient. As part of our ongoing efforts to optimize our store fleet, we opened three new Reitmans stores, one RW&CO store, and two PENN stores that were relocations during the quarter. Meanwhile, under our strategy to fuel growth with modernization, we moved forward with the first phase of our digital strategic roadmap. Reflecting our commitment to a seamless customer journey across all our touch points, this first phase will include newly designed front-end e-commerce storefronts for all three brands and migrating to Shopify TM. We expect the migration and launch of our enhanced e-commerce offering to be completed this fiscal year." Selected Financial Information (in millions of dollars, except for gross profit % and earnings per share) (unaudited) First quarter 2026 2025 Change Net revenues $158.9 $165.7 (4.1 %) Gross profit $88.5 $93.9 (5.8 %) Gross profit % 55.7 % 56.7 % (100 bps) Selling, general and administrative expenses $99.1 $95.1 4.2 % Net loss ($10.0) ($1.5) n/a Adjusted EBITDA 1 ($10.6) $0.9 n/a Loss per share: Basic ($0.20) ($0.03) n/a Diluted ($0.20) ($0.03) n/a 1 On May 3, 2025, RCL had working capital 1 of $134.8 million, including cash of $85.4 million compared to working capital of $165.7 million, including cash of $158.1 million as at February 1, 2025 and working capital of $153.4 million, including cash of $98.9 million as at May 4, 2024. At the end of the first quarter, RCL had no long-term debt other than lease liabilities and no amounts were drawn under the Company's bank credit facilities. First Quarter Overview Net revenues decreased by 4.1%, to $158.9 million. The decrease was attributable to adverse weather conditions in the month of February and consumers being more price conscious as a result of economic uncertainty. Comparable sales 1 decreased 4.5%, primarily due to lower store traffic and customers migrating to discounted merchandise. Gross profit % decreased by 100 basis points, to 55.7% or $88.5 million, mainly due to a lower proportion of regular priced sales. Adjusted EBITDA 1 was a loss of $10.6 million, largely due to lower gross profit and higher occupancy costs and wages. Net loss was $10.0 million compared to a loss of $1.5 million a year earlier. The Company's complete financial statements including notes, and the Company's MD&A for the first quarter of fiscal 2026 are available online at Normal Course Issuer Bid The Company intends to renew the current NCIB, which expires in August 2025, through the facilities of the TSX Venture Exchange to purchase Non-Voting Shares. The NCIB would continue to be conducted through BMO Nesbitt Burns Inc. and is expected to take place over an additional period of 12 months from August 5, 2025. The extent to which the Company repurchases its shares and the timing of such purchases will depend upon the market conditions and other corporate considerations. The NCIB is subject to regulatory approval. Conference Call The Company will host a conference call on June 18, 2025, at 8:30 am Eastern Time to discuss its first quarter financial results. Interested parties may join the conference call by dialing 1-833-752-3725 or 647-846-8584 approximately 15 minutes prior to the call to secure a line. A live audio webcast of the call will be available at and will be available for replay at this website for 12 months. About Reitmans (Canada) Limited Reitmans (Canada) Limited is one of Canada's leading specialty apparel retailers for women and men, with retail outlets throughout the country. The Company operates 394 stores under three distinct banners consisting of 225 Reitmans, 86 PENN., and 83 RW&CO. For more information, visit For further information, please contact: NON-GAAP Financial Measures & Supplementary Financial Measures This press release makes reference to certain non-GAAP financial measures. These financial measures are not recognized measures under International Financial Reporting Standards ("IFRS") and do not have a standardized meaning prescribed by IFRS. They are therefore unlikely to be comparable to similar measures presented by other companies. Rather, these measures are provided as additional information to complement IFRS measures by providing further understanding of the Company's results of operations from management's perspective. Accordingly, these measures should not be considered in isolation nor as a substitute for the Company's analysis of its financial information reported under IFRS. NON-GAAP Financial Measures This press release discusses the following non-GAAP financial measures: adjusted earnings before interest, taxes, depreciation and amortization ("Adjusted EBITDA") and working capital. This press release also indicates Adjusted EBITDA as a percentage of net revenues and is considered a non -GAAP financial ratio. Net revenues represent the sales of merchandise less discounts and returns ("net sales") and includes shipping fees charged to customers on e-commerce orders. The intent of presenting Adjusted EBITDA is to provide additional useful information to investors and analysts. Adjusted EBITDA is currently defined as net earnings (loss) before depreciation, amortization, net impairment of non-financial assets, interest expense, interest income, income tax expense/recovery, pension windup-related administration costs, and adjusted for the impact of certain items, including a deduction of interest expense and depreciation relating to leases accounted for under IFRS 16, Leases. Management believes that Adjusted EBITDA is an important indicator of the Company's ability to generate liquidity through operating cash flow to fund working capital needs and fund capital expenditures and uses this metric for this purpose. Management believes that Adjusted EBITDA as a percentage of net revenues indicates how much liquidity is generated for each dollar of net revenues. The exclusion of interest income and expenses, other than interest expense related to lease liabilities as explained hereafter, eliminates the impact on earnings derived from non-operational activities. The exclusion of depreciation, amortization and net impairment losses, other than depreciation related to right-of-use assets as explained hereafter, eliminates the non-cash impact, and the exclusion of pension windup-related administrative costs presents the results of the on-going business. Under IFRS 16, Leases, the characteristics of some leases result in lease payments being recognized in net earnings in the period in which the performance or use occurs while other leases are recorded as right-of-use assets with a corresponding lease liability recognized, which results in depreciation of those assets and interest expense from those liabilities. Management is presenting its Adjusted EBITDA to reflect the payments of its store and equipment lease obligations on a consistent basis. As such, the initial add-back of depreciation of right-of-use assets and interest on lease obligations are removed from the calculation of Adjusted EDITDA, as this better reflects the operational cash flow impact of its leases. Working capital is defined as current assets less current liabilities. Management believes that working capital provides information that is helpful to understand the financial condition of the Company. Due to the seasonality of the Company's business, it is more relevant to compare the working capital position at the same point in time. Reconciliation of NON-GAAP Measures Supplementary Financial Measures The Company uses a key performance indicator ("KPI"), comparable sales, to assess store performance and sales growth. The Company engages in an omnichannel approach in connecting with its customers by appealing to their shopping habits through either online or store channels. This approach allows customers to shop online for home delivery or to pick up in store, purchase in any of our store locations or ship to home from another store when the products are unavailable in a particular store. Due to customer cross-channel behaviour, the Company reports a single comparable sales metric, inclusive of store and e-commerce channels. Comparable sales are defined as net sales generated by stores that have been continuously open during both of the periods being compared and include e-commerce net sales. The comparable sales metric compares the same calendar days for each period. Although this KPI is expressed as a ratio, it is a supplementary financial measure that does not have a standardized meaning prescribed by IFRS and may not be comparable to similar measures used by other companies. Management uses comparable sales in evaluating the performance of stores and online net sales and considers it useful in helping to determine what portion of new net sales has come from sales growth and what portion can be attributed to the opening of new stores. Comparable sales is a measure widely used amongst retailers and is considered useful information for both investors and analysts. Comparable sales should not be considered in isolation or used in substitute for measures of performance prepared in accordance with IFRS. Forward-Looking Statements All of the statements contained herein, other than statements of fact that are independently verifiable at the date hereof, are forward-looking statements. Such statements, based as they are on the current expectations of management, inherently involve numerous risks and uncertainties, known and unknown, many of which are beyond the Company's control and are based on several assumptions which give rise to the possibility that actual results could differ materially from the Company's expectations expressed in or implied by such forward-looking statements and that the objectives, plans, strategic priorities and business outlook may not be achieved. Consequently, the Company cannot guarantee that any forward-looking statement will materialize, or if any of them do, what benefits the Company will derive from them. Forward-looking statements are provided in this press release for the purpose of allowing investors and others to get a better understanding of the Company's operating environment and management's expectations and plans as of the date of this press release. However, readers are cautioned that it may not be appropriate to use such forward-looking statements for any other purpose. Forward-looking statements are based upon the Company's current estimates, beliefs and assumptions, which are based on management's perception of historical trends, current conditions and currently expected future developments, as well as other factors it believes, are appropriate in the circumstances. This press release contains forward-looking statements about the Company's objectives, plans, goals, expectations, aspirations, strategies, financial condition, results of operations, cash flows, performance, and prospects, opportunities and legal and regulatory matters. Specific forward-looking statements in this press release include, but are not limited to, statements with respect to the Company's belief in its strategies and its brands and their capacity to generate long-term profitable growth plans to meet certain financial objectives, future liquidity, planned capital expenditures, status and impact of systems implementation, the ability of the Company to successfully implement its strategic initiatives and cost reduction and productivity improvement initiatives as well as the impact of such initiatives. These specific forward-looking statements are contained throughout this press release and the Company's Management Discussion & Analysis ("MD&A") including those listed in the "Operating and Financial Risk Management" section of the MD&A. Forward-looking statements are typically identified by words such as "expect", "anticipate", "believe", "foresee", "could", "estimate", "goal", "intend", "plan", "seek", "strive", "will", "may" and "should" and similar expressions, as they relate to the Company and its management. Forward-looking statements are based on information currently available to management and on estimates and assumptions, including assumptions about future economic conditions and courses of action. Examples of material estimates and assumptions and beliefs made by management in preparing such forward looking statements: management's belief in its strategies and its brands and their capacity to generate long-term profitable growth, significant sales growth in RW&Co. both in stores and online, increased market share for both Reitmans and PENN., stability in the current market environment, changes in laws, rules, regulations and global standards, the Company's competitive position in its industry, the Company's ability to keep pace with changing consumer preferences, the absence of public health related restrictions impacting client shopping patterns or incremental direct costs related to health and safety measures, the Company's ability to execute on its capital expenditure plan, including at its distribution centre in Montreal, and the Company's ability to retain and recruit exceptional talent. Numerous risks and uncertainties could cause the Company's actual results to differ materially from those expressed, implied or projected in the forward-looking statements. Please refer to the "Forward-Looking Statements" section of the Company's MD&A for the first quarter of fiscal 2026. This is not an exhaustive list of the factors that may affect the Company's forward-looking statements. Other risks and uncertainties not presently known to the Company or that the Company presently believes are not material could also cause actual results or events to differ materially from those expressed in its forward-looking statements. Additional risks and uncertainties are discussed in the Company's materials filed with the Canadian securities regulatory authorities from time to time. The reader should not place undue reliance on any forward-looking statements included herein. These statements speak only as of the date made and the Company is under no obligation and disavows any intention to update or revise such statements as a result of any event, circumstances or otherwise, except to the extent required under applicable securities law. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. SOURCE Reitmans (Canada) Ltd
