MONTREAL, July 30, 2020 /CNW Telbec/ - Sales for the 13 weeks ended May 2, 2020 ("first quarter of 2021") were $104.7 million, as compared with $185.2 million for the 13 weeks ended May 4, 2019 ("first quarter of 2020"). The decrease of $ 80.5 million is primarily due to the impact from temporary store closures due to COVID-19, as described below under "Current Developments and Subsequent Events", for more than six out of the 13 weeks in the first quarter of 2021, partially offset by an increase of e-commerce sales in response to consumers' needs during the prolonged stay-at-home period.
Gross profit for the first quarter of 2021 decreased $70.8 million or 69.5%, to $31.0 million as compared with $101.8 million for the first quarter of 2020. Gross profit as a percentage of sales for the first quarter of 2021 decreased to 29.6% from 55.0% for the first quarter of 2020.The decrease both in gross profit and as a percentage of sales is primarily attributable to an $18.3 million increase in the Company's inventory reserves due to the announced closures of the Thyme Maternity and Addition Elle banners, the impact of inventory build up for the spring season during the temporary store closures which will require higher markdowns and higher promotional activity on e-commerce sales during COVID-19.
Results from operating activities for the first quarter of 2021 were a loss of $83.5 million as compared with a loss of $13.1 million for the first quarter of 2020. The decrease of $70.4 million in results from operating activities is primarily attributable to the lower sales, the decrease in gross profit and the recognition of impairment losses related to non-financial assets (right-of-use assets and property and equipment) as the anticipated profitability at the individual store locations resulted in lower estimated recoverable amounts of these assets, partially offset by a decrease in overall operating costs.
Net loss for the first quarter of 2021 was $74.7 million ($1.53 basic and diluted loss per share) as compared with a net loss of $12.6 million ($0.20 basic and diluted loss per share) for the first quarter of 2020. The increase in net loss of $62.1 million is primarily attributable to the decrease in gross profit and an increase in income tax expense, partially offset by an increase in net finance income largely coming from a net unrealized gain on outstanding foreign exchange contracts that were no longer being designated as cash flow hedges.
Adjusted EBITDA1 for the first quarter of 2021 was a loss of $28.3 million, as compared with an income of $13.5 million for the first quarter of 2020. The decrease of $41.8 million is primarily attributable to the decrease of $70.8 million in gross profit, partially offset by a reduction in operating costs (excluding depreciation, amortization and impairment of non-financial assets) of $18.1 million and an increase of $10.9 million in foreign exchange gain.
Current Developments and Subsequent Events
Since the outbreak of COVID-19, which was declared a pandemic on March 11, 2020 by the World Health Organization, there have been significant impacts for the Company during the first quarter of 2021. The measures adopted by the Federal and provincial governments in order to mitigate the spread of the pandemic required the Company to temporarily close all of its retail locations across the country. Effective March 17, 2020, the Company temporarily closed all of its retail locations and throughout the remainder of the first quarter of 2021, the Company's only sales were derived from its e-commerce channel. The Company's distribution and fulfillment center remained open to support the e-commerce business. In accordance with the laws and regulations of each applicable region and province, in late May 2020, the Company began to re-open its retail locations. Currently, all of its retail locations are open for business following newly established health protocols and social distancing working practices. As a result, the Company is incurring incremental costs for personal protective equipment and additional supply costs associated with social distancing protocols and cleaning regimens being put in place in its retail locations, distribution and fulfillment center and head office.
The extent to which COVID-19 will continue to impact the Company's business, including its supply chain, consumer shopping behavior and consumer demand, including online shopping, will depend on future developments, which are highly uncertain and cannot be predicted at this time. As the Company navigates through challenges caused by COVID-19, its focus will be to closely monitor its cash position and control its spending, while managing its inventory levels in line with the unprecedented change in demand behavior since COVID-19 started. Current financial information may not necessarily be indicative of future operating results.
The Company had taken many measures to protect its financial position during this challenging situation. Such measures included:
- Furloughing a substantial number of store and head office employees;
- All other employees collectively contributing to on-going cost-cutting initiatives through temporary salary reductions;
- Cancelling or delaying significant investments in capital expenditures for the remainder of fiscal 2021;
- Adjusting inventory levels by cancelling or delaying many orders;
- Reducing all non-payroll discretionary expenses, including marketing and travel; and
- Extending payment terms and asking for temporary price concessions for both merchandise and non-merchandise vendor invoices.
Such measures partially mitigated the impact of COVID-19 on the Company's business. However, with a net loss of $74.7 million for the first quarter of fiscal 2021, the deterioration in the Company's financial position since the end of the fiscal 2020, the continued uncertainty surrounding the pandemic, and after evaluating all its strategic options, on May 19, 2020, the Company filed and obtained protection under the Companies' Creditors Arrangement Act (the "CCAA") and Ernst & Young Inc. was appointed as the Monitor. The CCAA process allows the Company to implement an operational and commercial restructuring plan to re-position the Company for long-term success (the "restructuring plan"). On June 1, 2020, the Company announced that, as part of its restructuring plan and as approved by the Monitor, it will close the Thyme Maternity and Addition Elle banners and reduce its workforce by approximately 1,100 employees in its retail stores and approximately 300 employees at its head office. Thyme Maternity retail locations closed on July 18, 2020 and Addition Elle's planned closure is on August 15, 2020. Their respective e-commerce websites have ceased operations.
In accordance with the policies of the Toronto Stock Exchange (the "TSX"), trading in Reitmans' Common shares and Class A shares was suspended on May 19, 2020 and the Company's shares were delisted from the TSX effective at the close of business on July 29, 2020. The Company is currently working on a transition of trading from the TSX to the TSX Venture Exchange, which transition is expected to take effect by the second week of August 2020.
As at May 2, 2020, the Company had current liabilities totaling $206.6 million and liquid current assets of $42.7 million comprised of cash and cash equivalents. Based on the Company's liquidity position as of the date of this press announcement and in light of the uncertainty surrounding the pandemic, management estimates that it will need additional financing to meet its current and future financial obligations. The Company has no other sources of committed financing. The Company is currently in negotiations with a Canadian financial institution to obtain interim financing ("DIP financing"). As a result, these factors and conditions, combined with the unpredictability of the outcome of the matters arising from the CCAA proceedings, indicate that a material uncertainty exists that may cast significant doubt about the Company's ability to continue as a going concern and, therefore, realize its assets and discharge its liabilities in the normal course of business.
The unaudited condensed consolidated interim financial statements have been prepared on a going concern basis, which assumes the Company will continue its operations for the foreseeable future and will be able to realize its assets and discharge its liabilities and commitments in the normal course of business. In assessing whether the going concern assumption is appropriate and whether there are material uncertainties that may cast significant doubt about the Company's ability to continue as a going concern, management must take into account all available information about the future, including estimated future cash flows, for a period of at least twelve months following the end of the reporting period. The unaudited condensed consolidated interim financial statements as at May 2, 2020 do not include any adjustments to the carrying amounts and classification of assets, liabilities and reported expenses that may otherwise be required if the going concern basis was not appropriate. Such adjustments could be material. It is not possible to reliably estimate the length and severity of COVID-19 and the impact on the financial results and financial condition of the Company in future periods. In the remainder of fiscal 2021, the Company will continue to take into consideration the most recent developments and impacts of the pandemic, including updated assessments of future cash flows. Any additional impacts resulting from COVID-19 will be reflected in the financial results of fiscal 2021, if applicable.
Dividends
At the Board of Directors meeting held on July 30, 2020, to conserve cash to finance its ongoing operations, the Board decided to continue to suspend the quarterly cash dividend. The Company will continue to assess potential future dividend levels on a quarterly basis.
About Reitmans (Canada) Limited
The Company is a leading women's specialty apparel retailer with retail outlets throughout Canada. As at May 2, 2020, the Company operated 576 stores consisting of 259 Reitmans, 106 Penningtons, 80 RW&CO., 77 Addition Elle, and 54 Thyme Maternity. As noted above, Thyme Maternity closed on July 18, 2020 and Addition Elle has a planned closure date of August 15, 2020. Subsequent to their closures, the Company will operate under the following banners; Reitmans, Penningtons and RW&CO.
1Non-GAAP Financial Measures
The Company has identified several key operating performance measures and non-GAAP financial measures which management believes are useful in assessing the performance of the Company; however, readers are cautioned that some of these measures may not have standardized meanings under IFRS and, therefore, may not be comparable to similar terms used by other companies.
In addition to discussing earnings in accordance with IFRS, this press announcement provides adjusted earnings before interest, taxes, depreciation and amortization ("Adjusted EBITDA") as a non-GAAP financial measure. Adjusted EBITDA is defined as net earnings before income tax expense/recovery, dividend income, interest income, net change in fair value and loss on disposal of marketable securities, interest expense, depreciation, amortization and impairment of non-financial assets. The following table reconciles the most comparable GAAP measure, net earnings or loss, to Adjusted EBITDA. Management believes that Adjusted EBITDA is an important indicator of the Company's ability to generate liquidity through operating cash flow to fund working capital needs and fund capital expenditures and uses the metric for this purpose. The exclusion of dividend income, interest income and expense and the net change in fair value and loss on disposal of marketable securities eliminates the impact on earnings derived from non-operational activities. The exclusion of depreciation, amortization and impairment charges eliminates the non-cash impact. The intent of Adjusted EBITDA is to provide additional useful information to investors and analysts. The measure does not have any standardized meaning under IFRS. Although depreciation, amortization and impairment charges are non-cash charges, the assets being depreciated and amortized will often have to be replaced in the future, as such, Adjusted EBITDA does not reflect any cash requirements for these replacements. Adjusted EBITDA should not be considered either as discretionary cash available to invest in the growth of the business or as a measure of cash that will be available to meet the Company's obligations. Other companies may calculate Adjusted EBITDA differently. From time to time, the Company may exclude additional items if it believes doing so would result in a more effective analysis of underlying operating performance. The exclusion of certain items does not imply that they are non-recurring. Adjusted EBITDA should not be used in substitute for measures of performance prepared in accordance with IFRS or as an alternative to net earnings, net cash provided by operating, investing or financing activities or any other financial statement data presented as indicators of financial performance or liquidity, each as presented in accordance with IFRS. Although Adjusted EBITDA is frequently used by securities analysts, lenders and others in their evaluation of companies, it has limitations as an analytical tool, and should not be considered in isolation, or as a substitute for analysis of the Company's results as reported under IFRS.
The Company uses a key performance indicator ("KPI"), comparable sales, to assess store performance and sales growth. The Company engages in an omnichannel approach in connecting with its customers by appealing to their shopping habits through either online or store channels. This approach allows customers to shop online for home delivery, purchase in any of our store locations or ship to home from another store when the products are unavailable in a particular store. Due to customer cross-channel behavior, the Company reports a single comparable sales metric, inclusive of store and e-commerce channels. Comparable sales are defined as sales generated by stores that have been continuously open during both of the periods being compared and include e-commerce sales. Comparable sales exclude sales from wholesale accounts. The comparable sales metric compares the same calendar days for each period. Although this KPI is expressed as a ratio, it is a non-GAAP financial measure that does not have a standardized meaning prescribed by IFRS and may not be comparable to similar measures used by other companies. Management uses comparable sales in evaluating the performance of stores and online sales and considers it useful in helping to determine what portion of new sales has come from sales growth and what portion can be attributed to the opening of new stores. Comparable sales is a measure widely used amongst retailers and is considered useful information for both investors and analysts. Comparable sales should not be considered in isolation or used in substitute for measures of performance prepared in accordance with IFRS.
As highlighted in the section entitled "Current Developments and Subsequent Events", on March 17, 2020, the Company announced the temporary closure of its retail stores and proceeded to only operate its e-commerce channel for the remaining duration of the quarter. Due to the unprecedented nature of COVID-19 and its significant impact on consumers and our ability to service our customers, management believes that comparable sales are not currently representative of the underlying trends of our business and consequently would not provide a meaningful metric in comparisons of year-over-year sales results. Accordingly, this press announcement does not include a discussion of the Company's comparable sales in respect of the first quarter of 2021. Management will continue to monitor and evaluate the effects of COVID-19 and will resume the evaluation of comparable sales when year-over-year results are more representative.
The following table reconciles net loss to Adjusted EBITDA:
For the first quarter of |
||||
2021 |
2020 |
|||
Net loss |
$ |
(74.7) |
$ |
(12.6) |
Depreciation, amortization |
23.7 |
25.1 |
||
Impairment of non-financial assets |
20.6 |
1.5 |
||
Dividend income |
- |
(0.6) |
||
Interest income |
(0.2) |
(0.5) |
||
Net change in fair value of marketable securities |
- |
2.1 |
||
Interest expense on lease liabilities |
1.9 |
1.9 |
||
Income tax expense (recovery) |
0.4 |
(3.4) |
||
Adjusted EBITDA |
$ |
(28.3) |
$ |
13.5 |
Adjusted EBITDA as % of Sales |
(27.0%) |
7.3% |
||
Forward-Looking Statements
All of the statements contained herein, other than statements of fact that are independently verifiable at the date hereof, are forward-looking statements. Such statements, based as they are on the current expectations of management, inherently involve numerous risks and uncertainties, known and unknown, many of which are beyond the Company's control, including statements regarding the impact of COVID-19 on the Company's business, financial position and operations, and are based on several assumptions which give rise to the possibility that actual results could differ materially from the Company's expectations expressed in or implied by such forward-looking statements and that the objectives, plans, strategic priorities and business outlook may not be achieved. Consequently, the Company cannot guarantee that any forward-looking statement will materialize, or if any of them do, what benefits the Company will derive from them. Forward-looking statements are provided in this press announcement for the purpose of giving information about management's current expectations and plans as of the date of this press announcement, and allowing investors and others to get a better understanding of the Company's operating environment. However, readers are cautioned that it may not be appropriate to use such forward-looking statements for any other purpose. Forward-looking statements are based upon the Company's current estimates, beliefs and assumptions, which are based on management's perception of historical trends, current conditions and currently expected future developments, as well as other factors it believes, are appropriate in the circumstances.
This press announcement contains forward-looking statements about the Company's objectives, plans, goals, expectations, aspirations, strategies, financial condition, results of operations, cash flows, performance, prospects, opportunities and legal and regulatory matters. Specific forward-looking statements in this press announcement include, but are not limited to, statements with respect to the Company's belief in its strategies and its brands and their capacity to generate long-term profitable growth, future liquidity, planned capital expenditures, amount of pension plan contributions, status and impact of systems implementation, the ability of the Company to successfully implement its strategic initiatives and cost reduction and productivity improvement initiatives as well as the impact of such initiatives. These specific forward-looking statements are contained throughout the Company's Management Discussion & Analysis ("MD&A") including those listed in the "Operating Risk Management" and "Financial Risk Management" sections of the MD&A. Forward-looking statements are typically identified by words such as "expect", "anticipate", "believe", "foresee", "could", "estimate", "goal", "intend", "plan", "seek", "strive", "will", "may" and "should" and similar expressions, as they relate to the Company and its management.
Numerous risks and uncertainties could cause the Company's actual results to differ materially from those expressed, implied or projected in the forward-looking statements. Please refer to the "Forward-Looking Statements" section of the Company's MD&A for the first quarter of 2021.
Other risks and uncertainties not presently known to the Company or that the Company presently believes are not material could also cause actual results or events to differ materially from those expressed in its forward-looking statements. Additional risks and uncertainties are discussed in the Company's materials filed with the Canadian securities regulatory authorities from time to time. The reader should not place undue reliance on any forward-looking statements included herein. These statements speak only as of the date made and the Company is under no obligation and disavows any intention to update or revise such statements as a result of any event, circumstances or otherwise, except to the extent required under applicable securities law.
The Company's complete financial statements including notes and Management's Discussion and Analysis for the first quarter of 2021 are available online at www.sedar.com.
Montreal, July 30, 2020
Stephen F. Reitman
President and Chief Executive Officer
Telephone: (514) 384-1140
Corporate Website: www.reitmanscanadalimited.com
REITMANS (CANADA) LIMITED |
|||||
CONDENSED CONSOLIDATED INTERIM STATEMENTS OF EARNINGS |
|||||
(Unaudited) |
|||||
(in thousands of Canadian dollars except per share amounts) |
|||||
For the 13 weeks ended |
|||||
May 2, 2020 |
May 4, 2019 |
||||
Sales |
$ |
104,707 |
$ |
185,194 |
|
Cost of goods sold |
73,710 |
83,383 |
|||
Gross profit |
30,997 |
101,811 |
|||
Selling and distribution expenses |
85,078 |
102,357 |
|||
Administrative expenses |
8,824 |
11,068 |
|||
Impairment of non-financial assets |
20,611 |
1,484 |
|||
Results from operating activities |
(83,516) |
(13,098) |
|||
Finance income |
11,106 |
1,120 |
|||
Finance costs |
1,877 |
4,056 |
|||
Loss before income taxes |
(74,287) |
(16,034) |
|||
Income tax expense (recovery) |
392 |
(3,420) |
|||
Net loss |
$ |
(74,679) |
$ |
(12,614) |
|
Loss per share: |
|||||
Basic |
$ |
(1.53) |
$ |
(0.20) |
|
Diluted |
(1.53) |
(0.20) |
|||
REITMANS (CANADA) LIMITED |
||||
CONDENSED CONSOLIDATED INTERIM STATEMENTS OF COMPREHENSIVE INCOME |
||||
(Unaudited) |
||||
(in thousands of Canadian dollars) |
||||
For the 13 weeks ended |
||||
May 2, 2020 |
May 4, 2019 |
|||
Net loss |
$ |
(74,679) |
$ |
(12,614) |
Other comprehensive (loss) income |
||||
Items that are or may be reclassified subsequently to net earnings: |
||||
Cash flow hedges (net of tax of $273; 2019 - $742) |
(754) |
2,023 |
||
Foreign currency translation differences |
(276) |
(97) |
||
Total other comprehensive (loss) income |
(1,030) |
1,926 |
||
Total comprehensive loss |
$ |
(75,709) |
$ |
(10,688) |
REITMANS (CANADA) LIMITED |
||||||
CONDENSED CONSOLIDATED INTERIM BALANCE SHEETS |
||||||
(Unaudited) |
||||||
(in thousands of Canadian dollars) |
||||||
May 2, 2020 |
May 4, 2019 |
February 1, 2020 |
||||
ASSETS |
||||||
CURRENT ASSETS |
||||||
Cash and cash equivalents |
$ |
42,697 |
$ |
74,653 |
$ |
89,410 |
Marketable securities |
- |
47,627 |
- |
|||
Trade and other receivables |
10,945 |
9,056 |
6,313 |
|||
Derivative financial asset |
11,556 |
3,699 |
1,124 |
|||
Inventories |
151,093 |
159,330 |
147,428 |
|||
Prepaid expenses |
11,209 |
15,270 |
9,441 |
|||
Total Current Assets |
227,500 |
309,635 |
253,716 |
|||
NON-CURRENT ASSETS |
||||||
Property and equipment |
78,671 |
94,209 |
88,090 |
|||
Intangible assets |
16,616 |
21,285 |
20,267 |
|||
Right-of-use assets |
187,254 |
216,771 |
198,097 |
|||
Goodwill |
- |
11,843 |
- |
|||
Deferred income taxes |
- |
25,291 |
- |
|||
Total Non-Current Assets |
282,541 |
369,399 |
306,454 |
|||
TOTAL ASSETS |
$ |
510,041 |
$ |
679,034 |
$ |
560,170 |
LIABILITIES AND SHAREHOLDERS' EQUITY |
||||||
CURRENT LIABILITIES |
||||||
Trade and other payables |
$ |
128,465 |
$ |
90,897 |
$ |
109,674 |
Derivative financial liability |
- |
- |
348 |
|||
Deferred revenue |
14,731 |
13,799 |
15,042 |
|||
Income taxes payable |
1,498 |
852 |
3,207 |
|||
Current portion of lease liabilities |
61,919 |
65,193 |
61,618 |
|||
Total Current Liabilities |
206,613 |
170,741 |
189,889 |
|||
NON-CURRENT LIABILITIES |
||||||
Lease liabilities |
161,157 |
160,603 |
152,251 |
|||
Pension liability |
24,161 |
21,165 |
24,213 |
|||
Total Non-Current Liabilities |
185,318 |
181,768 |
176,464 |
|||
SHAREHOLDERS' EQUITY |
||||||
Share capital |
27,406 |
38,397 |
27,406 |
|||
Contributed surplus |
10,285 |
10,261 |
10,283 |
|||
Retained earnings |
81,676 |
277,225 |
156,355 |
|||
Accumulated other comprehensive (loss) income |
(1,257) |
642 |
(227) |
|||
Total Shareholders' Equity |
118,110 |
326,525 |
193,817 |
|||
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY |
$ |
510,041 |
$ |
679,034 |
$ |
560,170 |
REITMANS (CANADA) LIMITED |
||||||||||
CONDENSED CONSOLIDATED INTERIM STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY |
||||||||||
(Unaudited) |
||||||||||
(in thousands of Canadian dollars) |
||||||||||
Share Capital |
Contributed |
Retained |
Accumulated Other |
Total |
||||||
Balance as at February 2, 2020 |
$ |
27,406 |
$ |
10,283 |
$ |
156,355 |
$ |
(227) |
$ |
193,817 |
Net loss |
- |
- |
(74,679) |
- |
(74,679) |
|||||
Total other comprehensive loss |
- |
- |
- |
(1,030) |
(1,030) |
|||||
Total comprehensive loss for the period |
- |
- |
(74,679) |
(1,030) |
(75,709) |
|||||
Share-based compensation costs |
- |
2 |
- |
- |
2 |
|||||
Total contributions by owners of the Company |
- |
2 |
- |
- |
2 |
|||||
Balance as at May 2, 2020 |
$ |
27,406 |
$ |
10,285 |
$ |
81,676 |
$ |
(1,257) |
$ |
118,110 |
Balance as at February 3, 2019 |
$ |
38,397 |
$ |
10,245 |
$ |
292,239 |
$ |
(1,284) |
$ |
339,597 |
IFRS 16 adoption adjustment (net of tax) |
- |
- |
767 |
- |
767 |
|||||
Restated balance as at February 3, 2019 |
38,397 |
10,245 |
293,006 |
(1,284) |
340,364 |
|||||
Net loss |
- |
- |
(12,614) |
- |
(12,614) |
|||||
Total other comprehensive income |
- |
- |
- |
1,926 |
1,926 |
|||||
Total comprehensive (loss) income for the period |
- |
- |
(12,614) |
1,926 |
(10,688) |
|||||
Share-based compensation costs |
- |
16 |
- |
- |
16 |
|||||
Dividends |
- |
- |
(3,167) |
- |
(3,167) |
|||||
Total contributions by (distributions to) owners of the Company |
- |
16 |
(3,167) |
- |
(3,151) |
|||||
Balance as at May 4, 2019 |
$ |
38,397 |
$ |
10,261 |
$ |
277,225 |
$ |
642 |
$ |
326,525 |
REITMANS (CANADA) LIMITED |
||||
CONDENSED CONSOLIDATED INTERIM STATEMENTS OF CASH FLOWS |
||||
(Unaudited) |
||||
(in thousands of Canadian dollars) |
||||
For the 13 weeks ended |
||||
May 2, 2020 |
May 4, 2019 |
|||
CASH FLOWS USED IN OPERATING ACTIVITIES |
||||
Net loss |
$ |
(74,679) |
$ |
(12,614) |
Adjustments for: |
||||
Depreciation and amortization |
23,693 |
25,127 |
||
Impairment of non-financial assets |
20,611 |
1,484 |
||
Share-based compensation costs |
2 |
136 |
||
Net change in fair value of marketable securities |
- |
2,063 |
||
Net change in transfer of realized gain on cash flow hedges to inventory |
(250) |
- |
||
Foreign exchange gain |
(13,395) |
(2,968) |
||
Interest on lease liabilities |
1,877 |
1,921 |
||
Interest and dividend income, net |
(158) |
(1,120) |
||
Income tax expense (recovery) |
392 |
(3,420) |
||
(41,907) |
10,609 |
|||
Changes in: |
||||
Trade and other receivables |
(4,790) |
(758) |
||
Inventories |
(3,665) |
(12,521) |
||
Prepaid expenses |
(1,768) |
(1,542) |
||
Trade and other payables |
18,960 |
(7,029) |
||
Pension liability |
(52) |
121 |
||
Deferred revenue |
(311) |
(1,410) |
||
Cash used in operating activities |
(33,533) |
(12,530) |
||
Interest received |
316 |
648 |
||
Dividends received |
- |
646 |
||
Income taxes received |
112 |
12 |
||
Income taxes paid |
(1,941) |
(1,429) |
||
Net cash flows used in operating activities |
(35,046) |
(12,653) |
||
CASH FLOWS USED IN INVESTING ACTIVITIES |
||||
Additions to property and equipment and intangible assets, net |
(1,358) |
(6,171) |
||
Cash flows used in investing activities |
(1,358) |
(6,171) |
||
CASH FLOWS USED IN FINANCING ACTIVITIES |
||||
Dividends paid |
- |
(3,167) |
||
Payment of lease liabilities |
(11,875) |
(18,745) |
||
Cash flows used in financing activities |
(11,875) |
(21,912) |
||
FOREIGN EXCHANGE GAIN ON CASH HELD IN FOREIGN CURRENCY |
1,566 |
2,871 |
||
NET DECREASE IN CASH AND CASH EQUIVALENTS |
(46,713) |
(37,865) |
||
CASH AND CASH EQUIVALENTS, BEGINNING OF THE PERIOD |
89,410 |
112,518 |
||
CASH AND CASH EQUIVALENTS, END OF THE PERIOD |
$ |
42,697 |
$ |
74,653 |
SOURCE Reitmans (Canada) Limited
Stephen F. Reitman, President and Chief Executive Officer, Telephone: (514) 384-1140
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