05:13 PM EDT, 06/18/2024 (MT Newswires) -- Reitmans (Canada) (RET-A.TO) on Tuesday said it fiscal first-quarter loss narrowed even as revenue was flat, while the clothing retailer said it plans to launch a normal-course issuer bid

The company said it lost $1.5 million in the quarter ended May 4, compared to a loss of $3.8 million in the year-prior quarter. Per share results were not disclosed.

Revenue was unchanged at $165.7 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," chief executive Andrea Limbardi said in a release.

Reitmans said it will repurchase and cancel up to 3.28-million shares over next 12 months, 10% of its outstanding non-voting shares.

The company's Class A shares closed down $0.17 to $2.60 on the TSX Venture Exchange.