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Topic: Daily Advice

Today’s stock market: Discount sales hurt Reitman’s earnings

Reitmans (Canada) Ltd., symbol RET.A on Toronto, owns 968 women’s clothing stores across Canada.

We analyze Reitmans in Stock Pickers Digest, our newsletter for aggressive investing in today’s stock market.

These include 364 Reitmans, 161 Penningtons, 158 Smart Set, 121 Addition Elle, 75 Thyme Maternity, 67 RW & Co. and 22 Cassis stores. Reitmans continues to actively monitor its regional markets, and open and close stores as necessary.

In the three months ended January 29, 2011, sales rose slightly, to $269.5 million from $268.1 million a year earlier.

Earnings fell 19.1%, to $11.4 million, or $0.17 a share, from $14.1 million, or $0.21 a share. This was mainly because the company was forced to offer discounts to clear out old merchandise. That cut its profit margins. It also offset gains from a strong Canadian dollar against the U.S. dollar. A strong Canadian dollar helps Reitmans, because it pays its Chinese suppliers in U.S. dollars.

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