Reitmans Shares Decline After Reporting Same-Store Sales Drop

Reitmans (Canada) Ltd., the country's biggest specialty retailer of women's clothing, fell the most in more than four months after it said sales declined in the first quarter and continued to decrease in the current period.

Sales fell 1 percent to C$228.3 million from C$230.7 million in the period through May 3, and were down 4.8 percent at existing stores, the Montreal-based company said in a statement today. Sales in the four weeks through May 31 fell 8.8 percent, while sales at stores open at least a year plunged 12 percent in the period.