MONTREAL, Dec. 14, 2023 /CNW/ - Reitmans (Canada) Limited ("RCL" or the "Company") (TSXV: RET) (TSXV: RET-A), Canada's leading specialty apparel retailer, announces its results for the third quarter of fiscal 2024. Unless otherwise indicated, all comparisons of results for the 13 weeks ended October 28, 2023 ("third quarter of 2024") are against results for the 13 weeks ended October 29, 2022 ("third quarter of 2023") and all comparisons of results for the 39 weeks ended October 28, 2023 ("year to date fiscal 2024") are against results for the 39 weeks ended October 29, 2022 ("year to date fiscal 2023"). All amounts are in Canadian dollars.

The Company continued to perform well in the third quarter of 2024, although below the results of the third quarter of 2023, which benefitted from the Company's exceptional performance aided by improved market conditions with pent-up demand following the easing of pandemic-related restrictions. The current economic environment necessitated higher promotional activity as Canadian consumers cautiously managed their discretionary spending budgets. Results continued to be negatively impacted by unfavourable foreign exchange on U.S. dollar denominated merchandise purchases.

"Our Fall styles resonated well with our customers in all three brands, despite the fact that the economic headwinds and warmer than usual weather impacted our traffic. We also are pleased with strong results in two key strategic categories of men's fashion at RW&CO. and HYBA activewear at Reitmans", said Andrea Limbardi, President and Chief Executive Officer of RCL. "Our strong balance sheet and focus on our long-term strategic roadmap to deliver modernization in digital technology and in our distribution centre, continue to progress positively. In the third quarter, we launched a new robotics system in our distribution centre, significantly speeding up processing times. As well, we are on schedule to rollout a nation-wide point-of-sale system in our 400+ stores across Canada in 2024. RCL is well positioned, with our strong customer loyalty and financial standing, to deliver long-term value to our shareholders."

Third Quarter of 2024

  • Net revenues were $193.4 million compared to $206.2 million for the third quarter of 2023
  • Net earnings were $5.3 million compared to $14.6 million for the third quarter of 2023

Year to date fiscal 2024

  • Net revenues were $573.7 million compared to $590.4 million for the year to date fiscal 2023
  • Net earnings were $14.8 million compared to $50.2 million for the year to date fiscal 2023

Select Financial Information

(in millions of dollars,
except for gross profit %)

For the third quarter of


Year to date fiscal

2024

2023

Change


2024

2023

Change

Net Revenues2

193.4

206.2

(6.2) %


573.7

590.4

(2.8) %

Gross Profit

107.6

118.1

(2.6) %


316.1

341.8

(7.5) %

Gross Profit %

55.6 %

57.3 %

-170 bps


55.1 %

57.9 %

-280 bps

Selling, distribution and
administrative expenses2

100.5

103.0

(2.4) %


293.7

289.2

1.6 %

Net earnings

5.3

14.6

(63.7) %


14.8

50.2

(70.5) %

Adjusted EBITDA1

9.5

18.0

(47.2) %


27.5

60.7

(54.7) %

Adjusted ROA1

7.1

15.2

(53.3) %


21.5

51.9

(58.6) %

1 This is a Non-GAAP Financial Measure. See "Non-GAAP Financial Measures & Supplementary Financial Measures" for reconciliations of these measures.

2 For the third quarter of 2023 and the year to date fiscal 2023, shipping revenues of $0.6 and $1.7 million, respectively, were reclassified from selling, distribution and administrative expenses to net revenues.  See Notes 3 and 18 of the unaudited condensed consolidated interim financial statements for the third quarter of 2024. In addition, selling, distribution and administrative expenses includes $0.1 million of restructuring costs for the third quarter of 2023 and $0.5 million of restructuring costs for the year to date fiscal 2023. 

13 weeks ended October 28, 2023

Net revenues for the third quarter of 2024 decreased by $12.8 million, or 6.2%, to $193.4 million.  Comparable sales1, which include e-commerce net sales, decreased 7.7% during the third quarter of 2024. The decrease in net revenues and comparable sales was primarily due to lower store and e-commerce traffic, lower average transaction values and higher promotional activity. We believe that comparatively higher interest rates and inflation overall compared to the corresponding period last year negatively impacted consumer spending during the third quarter of 2024.

Gross profit for the third quarter of 2024 decreased $10.5 million to $107.6 million as compared with $118.1 million for the third quarter of 2023. Gross profit as a percentage of net revenues for the third quarter of 2024 decreased to 55.6% from 57.3% for the third quarter of 2023. The decrease in gross profit and as a percentage of net revenues is primarily attributable to higher markdown and promotional activity combined with an unfavorable foreign exchange impact of approximately $3.2 million on U.S. dollar denominated purchases included in cost of goods sold, partially offset by lower supply chain costs in the third quarter of 2024 as global shipping industry disruptions were prevalent in the third quarter of 2023.

Net earnings for the third quarter of 2024 were $5.3 million ($0.11 basic and diluted earnings per share) as compared with net earnings of $14.6 million ($0.30 basic and diluted earnings per share) for the third quarter of 2023. The decrease in net earnings of $9.3 million is primarily attributable the decrease in gross profit and an increase in income tax expense, partially offset by a decrease in overall operating costs.

Adjusted results from operating activities ("Adjusted ROA") for the third quarter of 2024 was $7.1 million as compared with $15.2 million for the third quarter of 2023. The decrease of $8.1 million is primarily attributable to a decrease in gross profit, partially offset by a decrease in overall operating costs.

Adjusted EBITDA for the third quarter of 2024 was $9.5 million as compared to $18.0 million for the third quarter of 2023. The decrease of $8.5 million is primarily attributable to a decrease in gross profit, partially offset by a decrease in overall operating costs.

39 weeks ended October 28, 2023

Net revenues for the year to date fiscal 2024 decreased by $16.7 million, or 2.8%, to $573.7 million.  Comparable sales1, which include e-commerce net sales, decreased 3.7% during the year to date fiscal 2024. The decrease in net revenues and comparable sales was primarily due to lower average transaction values and higher promotional activity. We believe that comparatively higher interest rates and inflation overall compared to the corresponding period last year negatively impacted consumer spending during the year to date fiscal 2024.

Gross profit for the year to date fiscal 2024 decreased $25.7 million to $316.1 million as compared with $341.8 million for the year to date fiscal 2023. Gross profit as a percentage of net revenues for the year to date fiscal 2024 decreased to 55.1% from 57.9% for the year to date fiscal 2023. The decrease both in gross profit and as a percentage of net revenues is primarily attributable to higher markdowns and promotional activity in the year to date fiscal 2024 combined with an unfavourable foreign exchange impact of approximately $11.4 million on U.S. dollar denominated purchases included in cost of goods sold, partially offset by lower supply chain costs in the year to date fiscal 2024 as global shipping industry disruptions were prevalent in the year to date fiscal 2023.

Net earnings for the year to date fiscal 2024 was $14.8 million ($0.30 basic and diluted earnings per share) as compared with $50.2 million ($1.03 basic and diluted earnings per share) for the year to date fiscal 2023. The decrease in net earnings of $35.4 million is primarily attributable to the decrease in gross profit, the increase in operating costs and the increase in income tax expense.

Adjusted ROA for the year to date fiscal 2024 was $21.5 million as compared to $51.9 million for the year to date fiscal 2023. The decrease of $30.4 million is primarily attributable to the decrease in gross profit and the increase in operating costs.

Adjusted EBITDA for the year to date fiscal 2024 was $27.5 million as compared to $60.7 million for the year to date fiscal 2023. The decrease of $33.2 million is primarily attributable to the decrease in gross profit and the increase in operating costs.

About Reitmans (Canada) Limited

The Company is a leading women's specialty apparel retailer with retail outlets throughout Canada. As at October 28, 2023, the Company operated 401 stores consisting of 231 Reitmans, 90 Penningtons and 80 RW&CO. 

1NON-GAAP Financial Measures & Supplementary Financial Measures

This press announcement makes reference to certain non-GAAP measures. These measures are not recognized measures under 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 announcement discusses the following non-GAAP financial measures: adjusted earnings before interest, taxes, depreciation and amortization ("Adjusted EBITDA"), and adjusted results from operating activities ("Adjusted ROA"). This press announcement also indicates Adjusted EBITDA as a percentage of net revenues and is considered a non-GAAP financial ratio. Net revenues represent the sale 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 and Adjusted ROA is to provide additional useful information to investors and analysts. Adjusted EBITDA is currently defined as net earnings before income tax expense/recovery, interest income, interest expense, loss on foreign currency translation differences reclassified to net earnings, pension curtailment gain, depreciation, amortization, net impairment of non-financial assets, adjusted for the impact of certain items, including a deduction of interest expense and depreciation relating to leases accounted for under IFRS 16, Leases, Federal subsidies and restructuring costs and recoveries. 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 charges, other than depreciation related to right-of-use assets as explained hereafter, eliminates the non-cash impact, and the exclusion of restructuring recoveries /costs, Federal subsidies, loss on foreign currency translation differences reclassified to net earnings and pension curtailment gain 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.

Adjusted ROA is defined as results from operating activities excluding Federal subsidies, restructuring recoveries/costs and pension curtailment gain. Management believes that Adjusted ROA provides a more relevant indicator in assessing current operational performance. The exclusion of restructuring recoveries /costs, pension curtailment gain and Federal subsidies presents the on-going operational performance of the business.

Reconciliation of NON-IFRS Measures

The tables below provide a reconciliation of net earnings to Adjusted EBITDA and results from operating activities to Adjusted ROA:


For the third quarter of

Year to date fiscal


2024

2023

2024

2023

Net earnings

$    5.3

$  14.6

$  14.8

$  50.2

Depreciation, amortization and net impairment
      losseson property and equipment, and
      intangible assets

3.3

3.5

10.3

11.7

Depreciation on right-of-use assets

8.5

7.9

24.4

21.0

Interest expense on lease liabilities

1.9

1.3

5.2

3.6

Interest income

(1.1)

(0.3)

(3.3)

(0.5)

Interest expense on revolving credit facility

-

-

-

0.4

Income tax expense (recovery)

2.0

0.1

5.6

(0.4)

Loss on foreign currency translation
      differences reclassified to net earnings

-

-

1.0

-

Pension curtailment gain

-

-

(0.9)

-

Rent impact from IFRS 16, Leases1

(10.4)

(9.2)

(29.6)

(24.6)

Federal subsidies 

-

-

-

(1.2)

Restructuring costs, net

-

0.1

-

0.5

Adjusted EBITDA

$    9.5

$  18.0

$  27.5

$  60.7

Adjusted EBITDA as % of Net Revenues

4.9 %

8.8 %

4.8 %

10.3 %


1 Rent Impact from IFRS 16, Leases is comprised as follows;

 


For the third quarter of

Year to date fiscal


2024

2023

2024

2023

Depreciation on right-of-use assets

$    8.5

$    7.9

$  24.4

$  21.0

Interest expense on lease liabilities

1.9

1.3

5.2

3.6

Rent impact from IFRS 16, Leases

$  10.4

$    9.2

$  29.6

$  24.6

 


For the third quarter of

Year to date fiscal


2024

2023

2024

2023

Results from operating activities

$    7.1

$  15.1

$  22.4

$  52.6

Pension curtailment gain 

-

-

(0.9)

-

Federal subsidies

-

-

-

(1.2)

Restructuring costs, net

-

0.1

-

0.5

Adjusted ROA

$    7.1

$  15.2

$  21.5

$  51.9

 

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 behavior, 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, including statements on the Company's financial position and operations, 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 announcement for the purpose of giving information about management's current expectations and plans as of the date of this press announcement, and allowing investors and others to get a better understanding of the Company's operating environment. 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 announcement contains forward-looking statements about the Company's objectives, plans, goals, expectations, aspirations, strategies, financial condition, results of operations, cash flows, performance, prospects, opportunities and legal and regulatory matters. Specific forward-looking statements in this press announcement 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, future liquidity, planned capital expenditures, amount of pension plan contributions, 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 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.

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 third quarter of 2024.

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.

The Company's complete financial statements including notes and Management's Discussion and Analysis for the third quarter of 2024 are available online at www.sedarplus.ca.

Montreal, December 14, 2023

Andrea Limbardi
President and Chief Executive Officer
Telephone: (514) 384-1140
Corporate Website: www.reitmanscanadalimited.com

REITMANS (CANADA) LIMITED

CONDENSED CONSOLIDATED INTERIM STATEMENTS OF EARNINGS

(Unaudited)

(in thousands of Canadian dollars except per share amounts)

 



For the 13 weeks ended

For the 39 weeks ended




October 28, 2023

October 29, 2022(1)

October 28, 2023

October 29, 2022(1)









Net revenues


$ 193,408

$ 206,206

$ 573,704

$ 590,383


Cost of goods sold


85,761

88,133

257,612

248,578


Gross profit


107,647

118,073

316,092

341,805


Selling and distribution expenses


88,442

89,891

258,044

252,451


Administrative expenses


12,066

13,073

35,627

36,257


Restructuring


-

73

-

480


Results from operating activities


7,139

15,036

22,421

52,617









Finance income


2,120

924

4,175

1,151


Finance costs


(1,892)

(1,282)

(6,205)

(4,000)


Earnings before income taxes


7,367

14,678

20,391

49,768









Income tax (expense) recovery


(2,084)

(67)

(5,563)

445









Net earnings


$    5,283

$  14,611

$  14,828

$  50,213









Earnings per share:







     Basic


$     0.11

$     0.30

$     0.30

$     1.03


     Diluted


0.11

0.30

0.30

1.03









(1)

For the 13 and 39 weeks ended October 29, 2022, shipping revenues of $598 and $1,694, respectively, were reclassified from selling and distribution expenses to net revenues. The adjustments had no effect on results from operating activities or on net earnings. See note 18 of the unaudited condensed consolidated interim financial statements for the 13 and 39 weeks ended October 28, 2023.

 

REITMANS (CANADA) LIMITED

CONDENSED CONSOLIDATED INTERIM STATEMENTS OF COMPREHENSIVE INCOME

(Unaudited)

(in thousands of Canadian dollars)



For the 13 weeks ended

For the 39 weeks ended





October 28, 2023

October 29, 2022

October 28, 2023

October 29, 2022









Net earnings


$      5,283

$    14,611

$    14,828

$    50,213


Other comprehensive income (loss)







     Items that are or may be reclassified subsequently to 
     net earnings:







  Cash flow hedges (net of tax of $883 and $981
       for the 13 and 39 weeks ended October 28,
       2023, respectively)


2,447

-

2,720

-


  Loss on foreign currency translation differences
        reclassified to net earnings


-

-

1,044

-


  Foreign currency translation differences


-

(270)

-

(288)









   Items that will not be reclassified to net earnings:







       Net actuarial (loss) gain on defined benefit plan (net
        of tax of $64 and $260 for the 13 and 39 weeks
        ended October 28, 2023, respectively; net of tax
        of $116 and $954 for the 13 and 39 weeks ended
        October 29, 2022, respectively)


(176)

323

722

194









Total other comprehensive income (loss)


2,271

53

4,486

(94)









Total comprehensive income


$      7,554

$    14,664

$    19,314

$    50,119


 

REITMANS (CANADA) LIMITED

CONDENSED CONSOLIDATED INTERIM BALANCE SHEETS

(Unaudited)

(in thousands of Canadian dollars)


October 28, 2023

October 29, 2022

January 28, 2023

ASSETS




CURRENT ASSETS




     Cash

$  101,275

$    64,298

$  103,004

     Restricted cash

-

2,783

2,808

     Trade and other receivables 

3,719

3,785

3,241

     Derivative financial asset

3,844

-

-

    Inventories 

147,905

159,741

142,302

     Prepaid expenses and other assets

15,839

22,765

14,502

          Total Current Assets

272,582

253,372

265,857





NON-CURRENT ASSETS




     Property and equipment

63,747

61,145

63,833

     Intangible assets

1,620

3,081

2,638

     Right-of-use assets

108,195

69,461

79,894

     Pension asset

1,886

1,235

-

     Deferred income taxes

25,866

186

32,308

          Total Non-Current Assets

201,314

135,108

178,673





TOTAL ASSETS

$  473,896

$  388,480

$  444,530





LIABILITIES AND SHAREHOLDERS' EQUITY




CURRENT LIABILITIES




    Trade and other payables 

$    63,247

$    65,368

$    81,087

     Deferred revenue 

11,597

10,844

14,100

     Income taxes payable

789

998

1,018

     Current portion of lease liabilities

26,851

25,520

26,741

          Total Current Liabilities

102,484

102,730

122,946





NON-CURRENT LIABILITIES




     Lease liabilities

90,153

51,432

60,758

     Total Non-Current Liabilities

90,153

51,432

60,758





SHAREHOLDERS' EQUITY




     Share capital 

28,292

27,406

27,406

     Contributed surplus

11,104

10,666

10,871

     Retained earnings

239,143

197,387

223,593

     Accumulated other comprehensive income (loss)

2,720

(1,141)

(1,044)

          Total Shareholders' Equity

281,259

234,318

260,826





TOTAL LIABILITIES AND

      SHAREHOLDERS' EQUITY

$  473,896

$  388,480

$  444,530

 

REITMANS (CANADA) LIMITED

CONDENSED CONSOLIDATED INTERIM STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY

(Unaudited)

(in thousands of Canadian dollars)


Share Capital

Contributed
Surplus

Retained
Earnings

Accumulated Other
Comprehensive
Income (Loss)

Total
Shareholders'
Equity







Balance as at January 29, 2023

$     27,406

$   10,871

$   223,593

$    (1,044)

$   260,826







Net earnings

-

-

14,828

-

14,828

Total other comprehensive income

-

-

722

3,764

4,486

Total comprehensive income for the period

-

-

15,550

3,764

19,314







Share options exercised

886

(243)

-

-

643

Share-based compensation costs

-

476

-

-

476

Total contributions by owners of the
     Company

886

233

-

-

1,119







Balance as at October 28, 2023

$     28,292

$   11,104

$   239,143

$     2,720

$   281,259



















Balance as at January 30, 2022

$     27,406

$   10,295

$   146,980

$       (853)

$   183,828







Net earnings

-

-

50,213

-

50,213

Total other comprehensive income (loss)

-

-

194

(288)

(94)

Total comprehensive income (loss) for the
     period

-

-

50,407

(288)

50,119







Share-based compensation costs

-

371

-

-

371

Total contributions by owners of the
     Company

-

371

-

-

371







Balance as at October 29, 2022

$     27,406

$   10,666

$   197,387

$    (1,141)

$   234,318

 

REITMANS (CANADA) LIMITED

CONDENSED CONSOLIDATED INTERIM STATEMENTS OF CASH FLOWS

(Unaudited)

(in thousands of Canadian dollars)


For the 13 weeks ended

For the 39 weeks ended


October 28, 2023

October 29, 2022

October 28, 2023

October 29, 2022

CASH FLOWS FROM OPERATING ACTIVITIES





     Net earnings 

$      5,283

$    14,611

$    14,828

$    50,213

Adjustments for:





Depreciation, amortization and net impairment losses on
     property and equipment and intangible assets

3,316

3,534

10,296

11,744

Depreciation on right-of-use assets

8,511

7,893

24,430

20,986

Share-based compensation costs

101

181

476

371

Net change in transfer of realized gain on cash flow hedges to
     inventory

(144)

-

(144)

-

Foreign exchange gain

(2,766)

(1,357)

(1,541)

(1,942)

Loss on foreign currency translation differences reclassified to
     net earnings

-

-

1,044

-

Interest on lease liabilities

1,892

1,282

5,161

3,555

Interest on revolving credit

-

-

-

445

Interest income

(1,162)

(333)

(3,328)

(488)

Income tax expense (recovery)

2,084

67

5,563

(445)


17,115

25,878

56,785

84,439

Changes in:





Trade and other receivables

(189)

1,263

(429)

3,929

Inventories

909

(5,991)

(5,603)

(40,769)

Prepaid expenses and other assets

1,448

8,450

(1,337)

19,825

Trade and other payables

(4,442)

8,103

(18,166)

32,177

Pension asset

(8)

(131)

(903)

13

Deferred revenue

(1,108)

(1,117)

(2,503)

(2,646)


13,725

36,455

27,844

96,968

Interest paid

-

(5)

-

(486)

Interest received

1,194

232

3,279

380

Income taxes paid

-

-

(592)

(46)

Net cash flows from operating activities

14,919

36,682

30,531

96,816






CASH FLOWS USED IN INVESTING ACTIVITIES





Additions to property and equipment and intangible assets

(3,351)

(2,383)

(8,867)

(5,633)

Cash flows used in investing activities

(3,351)

(2,383)

(8,867)

(5,633)






CASH FLOWS USED IN FINANCING ACTIVITIES





Release of restricted cash

-

(18)

2,808

(26)

Net repayment of revolving credit facility

-

-

-

(29,634)

Payment of lease liabilities

(9,810)

(9,373)

(28,448)

(24,451)

Proceeds from issuance of share capital

-

-

643

-

Cash flows used in financing activities

(9,810)

(9,391)

(24,997)

(54,111)






FOREIGN EXCHANGE GAIN ON CASH HELD IN FOREIGN
     CURRENCY

2,836

1,217

1,604

1,724






NET INCREASE (DECREASE) IN CASH

4,594

26,125

(1,729)

38,796






CASH, BEGINNING OF THE PERIOD

96,681

38,173

103,004

25,502






CASH, END OF THE PERIOD

$   101,275

$    64,298

$   101,275

$    64,298

 

SOURCE Reitmans (Canada) Limited

© Canada Newswire, source Canada Newswire English