Sales for the quarter amounted to $2.03 billion, up from $1.72 billion. Comparable store sales in Canada rose 5.4%, including a 3.7% increase in the number of transactions and a 1.7 per cent increase in average transaction size.
In its outlook for its 2027 financial year, the company says it expects Canadian net new store openings to total between 65 and 75, up from earlier expectations for 60 to 70. Dollarama also raised its Canadian comparable store sales guidance for the year to 4.0 to 4.5%, up from earlier guidance for 3.0 to 4.0%.
Reitmans reports second-quarter profit of $10.1M, down from $13.1 last year
Reitmans Ltd. (TSX:RET.A)
Numbers for its second quarter:
- Profit: $10.1 million (down from $13.1 million a year ago)
- Revenue: $211.8 million (down 2% from a year ago)
Reitmans Ltd. reported net earnings of $10.1 million during the second quarter, down from $13.1 million a year earlier. That amounted to diluted earnings per share of 20 cents, compared with 26 cents during the prior year quarter.
The Montreal-based retailer says its net revenue came in at $211.8 million, falling about 2% year-over-year from $215.9 million. The company attributed the decline to lower transaction volume during the period and reduced clearance activity.
Reitmans says it ended the quarter with $119.7 million of inventory, about five per cent lower than the previous year.
Reitmans operates across Canada and has 385 stores.
Corus receives CRTC approval to go ahead with recapitalization transaction
Struggling media company Corus Entertainment Inc. has received a lifeline. The Canadian Radio-television and Telecommunications Commission today granted regulatory approval for a recapitalization plan that would see a change in ownership and shift effective control of all licensed programming services operated by the company and its subsidiaries.
Corus had indicated to the CRTC that the proposed deal is necessary to address its high debt load and improve its financial stability so it can continue to operate.
Under the proposal, first announced in November, some of Corus’s lenders forgive approximately $500 million in debt in exchange for 99 per cent ownership of a newly created parent corporation, called NewCo, that would wholly own Corus and its services. Existing Corus shareholders would be expected to swap their holdings for shares that together would represent the remaining one per cent of the new company.
Corus says its business is expected to continue as normal with no anticipated effect on its obligations to clients, producers, suppliers or employees.
The company announced in February it would seek court approval for the recapitalization deal that after a shareholder vote on the proposal failed to pass. In March, Corus received an order from the Ontario Superior Court of Justice to proceed with its recapitalization plan. The company says it expects the recapitalization transaction to close in the coming weeks, pending other conditions and customary approvals.
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