Reitmans (Canada) Ltd. (RET.A) has reported that its fiscal first-quarter net loss has more than doubled from a year earlier to $3.8 million.
The Montreal-based retailer’s Q1 net loss increased 124% from a loss of $1.7 million in the year earlier period.
The loss comes despite revenues in the quarter rising 7.2% to $165 million from $153.9 million a year ago. Reitmans said the sales growth was due primarily to increased in-store traffic.
The bigger net loss in fiscal Q1 was attributed to higher staff and rent costs.
The company recently announced an executive shakeup, with Andrea Limbardi taking over as chief executive officer (CEO) of the company from Stephen Reitman on September 5.
Stephen Reitman is transitioning to become executive chairman of the company’s board of directors.
Reitmans Canada’s stock has risen 207% in the last 12 months to $3.04 per share.