(Montreal) Reitmans saw its sales increase in the fourth quarter and for the full fiscal year, while its net profit fell.
The Montreal retailer says sales for the fourth quarter of fiscal 2023 rose 11.4% to 211.9 million, while sales for the full fiscal year rose 20.9% to 800.6 million.
Net income from continuing operations was 27.5 million for the fourth quarter, down nearly 72% from 97.5 million in the prior year, while profit for the entire he financial year amounted to 77.7 million, down nearly 46% compared to the 143.2 million of the previous financial year.
Reitmans attributed the decline in earnings to a variety of factors, including an increase in operating and funding costs, as well as several one-time increases in fiscal 2022.
Chairman and CEO Stephen F. Reitman said he was proud of the team’s performance in fiscal 2023, having emerged from creditor protection in January 2022.
The retailer originally filed for creditor protection in May 2020.