Earnings conference call and webcast on June 19, 2024, at 8:30 a.m. Eastern Time MONTREAL, June 18, 2024 /CNW/ - Reitmans (Canada) Limited ("RCL" or the "Company") (TSXV:RET) (TSXV: RET-A), one of Canada's leading specialty apparel retailers, today reported its financial results for its fiscal 2025 first quarter and announced its intention to initiate a Normal Course Issuer Bid ("NCIB") to purchase up to approximately 10% of the issued and outstanding Class A non-voting shares of the Company (the "Non-Voting Shares"). Unless otherwise indicated, all comparisons of results for the 13 weeks ended May 4, 2024 ("first quarter of 2025") are against results for the 13 weeks ended April 29, 2023 ("first quarter of 2024"). All dollar amounts are in Canadian currency. First Quarter Highlights Net revenues were $165.7 million, on par with a year ago Gross profit margin increased 310 basis points to 56.7% Results from operating activities ("ROA") were $(1.2) million, an improvement of $2.4 million Net loss was $1.5 million, an improvement of $2.3 million "We had a good start to fiscal 2025 with stable revenues and improved gross profit margins despite the challenging economic environment that persisted in what is typically our softest quarter of the year," said Andrea Limbardi, President and CEO of RCL. "Particularly notable contributions to the quarter were the Reitmans 'Paris' collection and The Birds Papaya collaboration both contributing to bringing exceptional styles to our customers at accessible price points. We are also pleased with the continued successful menswear business growth at RW&CO giving men great choices for elevated styles. Meanwhile, our teams continued to manage our inventory levels exceptionally well resulting in less promotional activity, which further contributed to improvements in our results from operating activities and our bottom line compared to the same time last year." "Looking ahead, we have exciting modernization initiatives underway for fiscal 2025. These include continued development of our 3D design capabilities, launching a new point-of-sale system, and an investment of $14 million for streamlined handling equipment in our distribution facility. These initiatives will help support long-term growth for both our in-store and online operations." Select Financial Information (in millions of dollars, except for gross profit %) First Quarter of 2025 2024 Change Net revenues2 $165.7 $165.7 0.0 % Gross Profit $93.9 $88.8 5.7 % Gross Profit % 56.7 % 53.6 % 310 bps Selling, general and administrativeexpenses2 $95.1 $92.4 2.9 % ROA $(1.2) $(3.6) 66.7 % Net Loss $(1.5) $(3.8) 60.5 % Adjusted EBITDA1 $0.9 $(1.2) n/a   1 This is a Non-GAAP Financial Measure. See "Non-GAAP Financial Measures & Supplementary Financial Measures" for reconciliations of these measures.   2 For the first quarter of 2024, shipping revenues of $0.7 million were reclassified from selling, general and administrative expenses to net revenues. See Note 17 of the unaudited condensed consolidated interim financial statements for the first quarter of 2025. For the first quarter of 2024, selling, general and administrative expenses were previously captioned selling, distribution and administrative expenses.   Balance Sheet Data As at (in millions of dollars) May 4, 2024 February 3, 2024 Cash $    98.9 $ 116.7 Inventories 127.6 122.0 Total current assets 253.1 259.9 Property and equipment and intangible     assets 71.3 71.2 Right-of-use assets 130.6 131.5 Total assets 483.4 490.8 Total current liabilities 99.7