Gross Margin Improvement
The company achieved a 166 basis point improvement in gross margin, reaching 57.3% compared to 55.6% a year ago, due to strong inventory management and less promotional activity.
Strong Financial Position
Reitmans finished the quarter with a cash position of $123.1 million and working capital of $172.9 million, with zero debt as the $150 million revolving credit facility remained undrawn.
Expansion and Modernization
The company opened new stores, invested in modernizing its distribution center, and rolled out a new POS system in 50 stores.
Successful Marketing Campaign
The ambassadors marketing campaign featuring Lauren Chan, Ashley Callingbull, and Sarah-Maude Beauchesne showed strong results, particularly in customer and loyalty performance indicators.