Reitman Limited, a Canadian retailer specialising in womenswear has reported narrower profits with a drop of 7.5 per cent in revenue in the second quarter.

The apparel retailer reported a revenue generation of CAD 213.2 million in the three months till 29th July down from CAD 229.2 million in the previous year.

The company commented that this was a consequence of higher promotional activity as Canadian shoppers “cautiously managed their discretionary spending budgets”. The profits in this period narrowed to CAD 13.4 million from CAD 37.3 million.

According to  CEO Andrea Limbardi, “We saw positive customer response in our second quarter with traffic and conversion remaining relatively stable in our stores despite the challenging economic environment”.

She also added that “RCL has a strong balance sheet and cash flows from operations in the quarter contributed to the strength in financial position.”