Reitmans says a tough economy is leaving consumers with less disposable income for clothes, creating a retail climate that is pulling down its sales revenue and profit.
The Montreal company reported second-quarter net earnings of $27.7 million, or 42 cents per diluted share, down from $31.7 million, or 48 cents per diluted share, in the same period last year.
Reitmans says high fuel and food prices and increased levels of consumer personal debt mean less money for clothes - and it's hurting their bottom line.
Reitmans has stores under the Reitmans, Smart Set, RW & CO., Thyme Maternity, Penningtons and Addition Elle banners.
