Topic: Growth Stocks

Stock Pickers Digest Hotline – Friday, December 12, 2008

Article Excerpt

REITMANS, $9.50, symbol RET.A on Toronto, reports that earnings in the three months ended November 1, 2008 fell 16%, to $23 million or $0.33 a share from $27.4 million or $0.39 a share a year earlier. Sales rose 2.2%, to $271.2 million from $265.5 million. Same store sales fell 1.2%. In the latest quarter, consumer confidence continued to weaken due to financial market concerns and fears of a recession. That hurt sales and profits. The weaker Canadian dollar also dampened profits. Reitmans imports 80% of its merchandise, mainly from China. The company continues to maintain better inventory controls in order to bolster profits. Reitmans is Canada’s largest specialty woman’s wear retailer. The company holds $235.8 million or $3.33 a share in cash. It pays a $0.18 quarterly dividend, which currently gives it a 7.6% yield. Reitmans plans to buy back up to 2.9 million or 5% of its Class A shares in the next 12 months. Reitmans is still a buy. MAJOR DRILLING,…