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Reitmans (Canada) fiscal Q1 loss widens YOY

Reitmans (Canada) Ltd. said its normalized net income for the fiscal first quarter ended May 3 came to a loss of 15 Canadian cents per share, compared with the S&P Capital IQ consensus estimate of a loss of 4 cents per share.

The per-share loss widened year over year from 3 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of C$9.5 million, compared with a loss of C$1.7 million in the year-earlier period.

The normalized profit margin dropped to negative 4.6% from negative 0.8% in the year-earlier period.

Total revenue decreased on an annual basis to C$206.5 million from C$216.9 million, and total operating expenses came to C$218.6 million, compared with C$220.1 million in the year-earlier period.

Reported net income totaled a loss of C$13.6 million, or a loss of 21 cents per share, compared to a loss of C$2.6 million, or a loss of 4 cents per share, in the prior-year period.