This report should not be construed as providing investment advice. It is for educational purposes only.  Before making any investment decision, you should always do your own research or consult a investment professional.
While I try to be accurate, I assume no responsibility for any figure in this spreadsheet. 10/29/11
See my website on stocks or see my blog at the following sites.  www.spbrunner.com/stocks.html www.spbrunner.blogspot.com/
Reitmans (Canada) Ltd. RET.A www.reitmans.ca Fiscal Yr: Jan 31 <closes to
Year 1/31/00 1/31/01 1/31/02 1/31/03 1/31/04 1/31/05 1/31/06 2/3/07 2/2/08 1/31/09 1/30/10 1/31/11 1/31/12 1/30/13 #Y
Accounting Rule C GAAP IFRS
split 2 2 2
Revenue* $477.7 $518.4 $566.0 $752.5 $851.6 $912.5 $969.3 $1,042.5 $1,057.7 $1,050.9 $1,056.5 $1,070.3 $1,021.1 $1,050.0 106.46% <-Total Growth 10 Revenue
Increase 4.61% 8.51% 9.19% 32.94% 13.17% 7.14% 6.22% 7.56% 1.46% -0.65% 0.54% 1.30% -4.60% 2.83% 7.52% <-IRR #YR-> 10 Revenue
Rev per Share $6.88 $7.72 $8.24 $10.94 $12.36 $13.12 $13.81 $14.63 $14.92 $14.95 $15.63 $16.14 $15.40 $15.83 2.00% <-IRR #YR-> 5 Revenue
P/S (Price/Sales) 0.37 0.26 0.39 0.45 0.50 1.05 1.30 1.58 1.15 0.71 0.96 1.11 0.97 0.95 7.65% <-IRR #YR-> 10 Rev per share
Averages P/S 10 yr  1.00 5 yr  1.11 3.17% <-IRR #YR-> 5 Rev per share
*Revenue in M CDN $ 
-$477.7 -$518.4 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $1,070.3
-$969.3 $0.0 $0.0 $0.0 $0.0 $1,070.3
-$6.88 -$7.72 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $16.14
-$13.81 $0.00 $0.00 $0.00 $0.00 $16.14
$0.82 <-12mths
EPS* $0.72 $0.29 $0.40 $0.35 $0.58 $0.95 $1.19 $1.43 $1.60 $1.21 $0.98 $1.29 $0.84 $1.12 352.63% <-Total Growth 10 Earnings
Increase 269.03% -60.14% 40.35% -11.88% 63.12% 65.22% 25.26% 20.17% 11.89% -24.38% -19.01% 31.63% -34.88% 33.33% 16.30% <-IRR #YR-> 10 Earnings
Earnings Yield 28.5% 14.0% 12.5% 7.2% 9.3% 6.9% 6.6% 6.2% 9.3% 11.3% 6.5% 7.2% 5.6% 7.5% 1.63% <-IRR #YR-> 5 Earnings
* ESP per share (Cdn GAAP) E/P 10 Yrs 7.20% 5Yrs 7.17%
-$0.29 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $1.29
-$1.19 $0.00 $0.00 $0.00 $0.00 $1.29
pre-split 02 $0.64 $0.80
pre-split 04 $0.32 $0.40
pre-split 05 $0.16 $0.20
Div* $0.08 $0.10 $0.10 $0.10 $0.11 $0.21 $0.39 $0.58 $0.66 $0.72 $0.72 $0.78 $0.80 $0.80 680.00% <-Total Growth 10 Dividends
Increase 23.08% 25.00% 0.00% 0.00% 10.00% 86.36% 90.24% 48.72% 13.79% 9.09% 0.00% 8.33% 2.56% 0.00% 9.55% <-Median-> 10 Dividends
Yield H/L Pr. 3.19% 4.58% 4.70% 2.12% 2.13% 2.00% 2.47% 2.88% 3.13% 5.24% 6.00% 4.66% 3.00% <-Median-> 10 Dividends
Yield on High  Pr. 2.91% 3.98% 4.42% 1.60% 1.66% 1.43% 2.14% 2.60% 2.48% 3.81% 4.43% 4.14% 2.54% <-Median-> 10 Dividends
Yield on Low Pr. 3.53% 5.39% 5.02% 3.14% 2.98% 3.33% 2.92% 3.23% 4.23% 8.36% 9.28% 5.34% 3.78% <-Median-> 10 Dividends
Yield on Cl Pr. 3.18% 4.93% 3.13% 2.05% 1.78% 1.49% 2.18% 2.52% 3.86% 6.74% 4.80% 4.34% 5.34% 5.34% 2.83% <-Median-> 10 Dividends
Payout Ratio 11.2% 35.1% 25.0% 28.4% 19.1% 21.6% 32.8% 40.6% 41.3% 59.5% 73.5% 60.5% 95.2% 71.4% 36.67% <-Median-> 10 DPR EPS
Payout Ratio CF 17.1% neg 16.1% 21.3% 6.9% 12.2% 24.2% 28.4% 35.1% 39.2% 33.3% 35.1% 62.6% <-12mths 26.30% <-Median-> 10 DPR CF
Payout Ratio CF NC 26.2% 23.1% 19.8% 16.4% 11.4% 15.2% 22.0% 32.2% 28.7% 35.5% 37.9% 34.9% 49.0% <-12mths 25.34% <-Median-> 10 DPR CF NC
Median Values Div Yd 10.29% 5 19.81% 10 Yield  4.66% 4.34% Payout 59.50% 35.14% 22.80% <-IRR #YR-> 10 Dividends
* Dividends per share  14.0% Years 14.0% Years Curr diff 14.59% Last Div Inc ---> $0.18 $0.20 11.1% 14.87% <-IRR #YR-> 5 Dividends
-$0.10 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.78
-$0.39 $0.00 $0.00 $0.00 $0.00 $0.78
H/LYield held 5 yrs 4.61% 8.17% 17.85% 27.24% 13.99% 13.96% 7.02% 4.94% 3.97% 3.79% 11.07% <-Median-> 8 Dividends
H/LYield held 10 yrs 31.54% 30.16% 28.69% 35.71% 37.57% 16.96% 30.85% <-Median-> 4 Dividends
H/LYield held 15 yrs 38.23% #NUM! <-Median-> 0 Dividends
Graham's price $6.71 $4.40 $5.44 $5.30 $7.20 $10.09 $12.20 $14.03 $15.85 $14.23 $12.90 $15.14 $11.89 $13.73 244.21% <-Total Growth 10 Graham Price
Prem /Disc.Med H/L -62.59% -50.34% -60.83% -10.98% -28.42% 1.67% 29.45% 43.59% 33.12% -3.34% -6.98% 10.47% -0.84% <-Median 10 Graham Price
Prem /Disc. High -59.00% -42.87% -58.34% 17.86% -8.04% 42.41% 49.41% 59.27% 67.72% 32.79% 25.89% 24.43% 29.34% <-Median 10 Graham's price
Prem /Disc. Low -66.17% -57.80% -63.33% -39.83% -48.81% -39.07% 9.50% 27.91% -1.48% -39.47% -39.84% -3.50% -39.27% <-Median 10 Graham's price
Prem /Disc. Cl -62.53% -53.85% -41.33% -7.90% -14.22% 36.22% 46.70% 64.25% 7.98% -24.92% 16.28% 18.75% 25.93% 9.06% 12.13% <-Median 10 Graham's price
Price Cl $2.51 $2.03 $3.19 $4.88 $6.18 $13.75 $17.90 $23.05 $17.12 $10.68 $15.00 $17.98 $14.97 $14.97 785.71% <-Total Growth 10 Stock Price 
Increase 0.00% -19.22% 57.14% 52.98% 26.64% 122.49% 30.18% 28.77% -25.73% -37.62% 40.45% 19.87% -16.74% 0.00% 24.37% <-IRR #YR-> 10 Stock Price 
P/E 3.51 7.12 7.98 13.84 10.75 14.47 15.04 16.12 10.70 8.83 15.31 13.94 17.82 13.37 0.09% <-IRR #YR-> 5 Stock Price 
Trailing P/E 12.97 2.84 11.19 12.20 17.53 23.91 18.84 19.37 11.97 6.68 12.40 18.35 11.60 17.82 30.57% <-IRR #YR-> 10 Price & Div
Median 10, 5 Yrs D.  per yr 6.20% 3.84% % Tot Ret 20.27% 97.73% Price Inc 19.87% P/E:  13.89 13.94 3.93% <-IRR #YR-> 5 Price & Div
-$2.03 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $17.98
-$17.90 $0.00 $0.00 $0.00 $0.00 $17.98
-$2.03 $0.10 $0.10 $0.11 $0.21 $0.39 $0.58 $0.66 $0.72 $0.72 $18.76
-$17.90 $0.58 $0.66 $0.72 $0.72 $18.76
Price H/L Median $2.51 $2.18 $2.13 $4.72 $5.16 $10.26 $15.80 $20.15 $21.11 $13.75 $12.00 $16.73 665.62% <-Total Growth 10 Stock Price 
Increase 5.11% -12.95% -2.52% 121.48% 9.33% 99.02% 53.91% 27.57% 4.74% -34.85% -12.73% 39.38% 22.57% <-IRR #YR-> 10 Stock Price 
P/E 3.51 7.66 5.32 13.38 8.97 10.80 13.27 14.09 13.19 11.36 12.24 12.97 1.15% <-IRR #YR-> 5 Stock Price 
Trailing P/E 12.95 3.06 7.47 11.79 14.63 17.85 16.63 16.93 14.76 8.59 9.92 17.07 28.73% <-IRR #YR-> 10 Price & Div
Median 10, 5 Yrs D.  per yr 6.16% 4.26% % Tot Ret 21.44% 78.72% Price Inc 4.74% P/E:  12.61 12.97 5.41% <-IRR #YR-> 5 Price & Div
-$2.18 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $16.73
-$15.80 $0.00 $0.00 $0.00 $0.00 $16.73
-$2.18 $0.10 $0.10 $0.11 $0.21 $0.39 $0.58 $0.66 $0.72 $0.72 $17.51
-$15.80 $0.58 $0.66 $0.72 $0.72 $17.51
Hi Mths Nov Jan Aug Aug Dec Dec Aug May Jun 07 Mar 08 Oct 09 Oct 10
Price Hi $2.75 $2.51 $2.27 $6.25 $6.63 $14.38 $18.23 $22.35 $26.59 $18.89 $16.24 $18.84 649.70% <-Total Growth 10 Stock Price 
Increase -5.17% -8.62% -9.87% 175.72% 6.08% 116.98% 26.82% 22.60% 18.97% -28.96% -14.03% 16.01% 22.32% <-IRR #YR-> 10 Stock Price 
P/E 3.85 8.82 5.66 17.72 11.52 15.13 15.32 15.63 16.62 15.61 16.57 14.60 0.66% <-IRR #YR-> 5 Stock Price 
Trailing P/E 14.19 3.51 7.95 15.61 18.79 25.00 19.19 18.78 18.59 11.81 13.42 19.22
Median 10, 5 Yrs Price Inc 16.01% P/E:  15.47 15.63
-$2.51 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $18.84
-$18.23 $0.00 $0.00 $0.00 $0.00 $18.84
Low Mths May Dec Feb Feb Apr Feb Mar Feb Jan 08 Dec 08 Feb 09 Mar 10
Price Low $2.27 $1.86 $1.99 $3.19 $3.69 $6.15 $13.36 $17.95 $15.62 $8.61 $7.76 $14.61 687.18% <-Total Growth 10 Stock Price 
Increase 21.01% -18.20% 7.44% 59.88% 15.68% 66.76% 117.24% 34.36% -12.98% -44.88% -9.87% 88.27% 22.92% <-IRR #YR-> 10 Stock Price 
P/E 3.17 6.51 4.99 9.04 6.41 6.47 11.23 12.55 9.76 7.12 7.92 11.33 1.80% <-IRR #YR-> 5 Stock Price 
Trailing P/E 11.71 2.60 7.00 7.97 10.46 10.70 14.06 15.08 10.92 5.38 6.41 14.91
Median 10, 5 Yrs Price Inc -9.87% P/E:  8.48 9.76
-$1.86 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $14.61
Market Cap $M $174 $136 $219 $336 $426 $956 $1,256 $1,642 $1,214 $751 $1,014 $1,192 $993 $993
# of Sh in M 69.414 67.119 68.679 68.798 68.898 69.548 70.187 71.254 70.913 70.304 67.600 66.309 66.309 66.309 -1.21% <-Total Growth 10 Shares
Increase -0.56% -3.31% 2.32% 0.17% 0.15% 0.94% 0.92% 1.52% -0.48% -0.86% -3.85% -1.91% 0.00% 0.00% 0.16% <-Median-> 10 Shares
CF fr Op $M $32.55 -$1.1 42.7 32.2 109.2 117.1 113.2 145.4 133.2 129.0 146.1 147.2 $84.76 <-12mths 244.35% <-Total Growth 9 Cash Flow
OPS $0.47 -$0.02 $0.62 $0.47 $1.58 $1.68 $1.61 $2.04 $1.88 $1.83 $2.16 $2.22 $1.28 <-12mths 256.65% <-Total Growth 9 Cash Flow
Non-Cash CF -11.38 30.07 -8.14 9.66 -42.52 -23.20 11.38 -17.21 29.95 13.48 -17.74 0.88 23.53 <-12mths 15.18% <-IRR #YR-> 9 Cash Flow
OPS non-cash $0.30 $0.43 $0.50 $0.61 $0.97 $1.35 $1.77 $1.80 $2.30 $2.03 $1.90 $2.23 $1.63 <-12mths 6.60% <-IRR #YR-> 5 Cash Flow
Increase 3.34% 41.74% 16.56% 20.87% 58.85% 39.58% 31.42% 1.41% 27.84% -11.90% -6.27% 17.55% -26.86% 17.85% <-IRR #YR-> 10 CF - non cash
P/O on Cl 11.53 16.48 15.83 22.73 11.11 10.72 8.48 8.96 4.65 4.36 8.06 6.24 10.91 4.70% <-IRR #YR-> 5 CF - non cash
*Operational Cash Flow per share P/CF 10 yr 8.72 5 yr  6.24
-$0.62 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $2.22
-$1.61 $0.00 $0.00 $0.00 $0.00 $2.22
-$0.43 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $2.23
-$1.77 $0.00 $0.00 $0.00 $0.00 $2.23
OPM 6.8% -0.2% 7.6% 4.3% 12.8% 12.8% 11.7% 13.9% 12.6% 12.3% 13.8% 13.8% 8.3% should be zero, it is a check on calculations
Diff from Ave -46.4% -101.6% -40.6% -66.3% 0.9% 1.0% -8.1% 9.8% -0.9% -3.4% 8.9% 8.2% -34.7% 0.00 <-Median-> 10 OPM
*Operational Profit Margin (CF/Revenue) Ratio OPM 10 Yrs 12.70% 5 Yrs 13.75%
Curr Assets $91.36 $69.86 $85.41 $134.19 $173.63 $170.21 $212.45 $275.17 $324.96 $332.45 $356.92 $391.77 $361.58 Liq ratio of 1.5 and up, best Assets
Curr Liab. $62.13 $40.31 $50.53 $79.92 $90.94 $99.76 $97.44 $126.93 $87.64 $71.85 $83.74 $95.75 $76.56 2.17 <-Median-> 10 Liabilities
Liquidity 1.47 1.73 1.69 1.68 1.91 1.71 2.18 2.17 3.71 4.63 4.26 4.09 4.72 4.09 <-Median-> 5 Ratio
Assets $256.25 $244.20 $279.34 $419.57 $469.87 $467.06 $523.23 $600.41 $620.96 $633.24 $631.39 $657.62 $627.12 A/L ratio of 1.5 and up, best Assets
Liab. $62.13 $41.69 $53.76 $176.05 $193.46 $135.54 $132.98 $164.29 $125.84 $110.70 $121.23 $133.92 $131.32 4.42 <-Median-> 10 Liabilities
Asset/Liability 4.12 5.86 5.20 2.38 2.43 3.45 3.93 3.65 4.93 5.72 5.21 4.91 4.78 4.93 <-Median-> 5 Ratio
check $133.92 $133.92
Book Value $194.12 $202.51 $225.58 $243.52 $276.40 $331.52 $390.26 $436.12 $495.12 $522.54 $510.17 $523.70 $495.80 $495.80 158.61% <-Total Growth 10 Book Value
BV per share $2.80 $3.02 $3.28 $3.54 $4.01 $4.77 $5.56 $6.12 $6.98 $7.43 $7.55 $7.90 $7.48 $7.48 161.77% <-Total Growth 10 Book Value
Change 30.72% 7.89% 8.86% 7.77% 13.34% 18.82% 16.64% 10.08% 14.07% 6.45% 1.54% 4.65% -5.33% 0.00% 0.9136 Current/Historical Book Value
P/BV (CL) 0.90 0.67 0.97 1.38 1.54 2.88 3.22 3.77 2.45 1.44 1.99 2.28 2.00 2.00 10.10% <-IRR #YR-> 10 Book Value
Change -23.50% -25.13% 44.35% 41.95% 11.74% 87.25% 11.61% 16.98% -34.89% -41.40% 38.32% 14.54% -12.06% 0.00% 7.27% <-IRR #YR-> 5 Book Value
Leverage (A/BK) 1.32 1.21 1.24 1.72 1.70 1.41 1.34 1.38 1.25 1.21 1.24 1.26 1.26 0.00 1.30 <-Median-> 10 A/BV
Debt/Equity Ratio 0.32 0.21 0.24 0.72 0.70 0.41 0.34 0.38 0.25 0.21 0.24 0.26 0.26 0.00 0.30 <-Median-> 10 Debt/Eq Ratio
Sharerholders Equity (Assets less liabilities) P/BV 10 Yrs 2.19 5 Yrs 2.38
-$3.02 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $7.90
-$5.56 $0.00 $0.00 $0.00 $0.00 $7.90
ROE 22.4% 15.1% 14.5% 17.2% 15.4% <-12mths 16.12% <-Median-> 4 Compreh. Inc
Comprehensive Inc $110.99 $78.65 $73.92 $89.98 $76.59 <-12mths Compreh. Inc
ROE 26.6% 10.0% 11.9% 10.1% 14.5% 20.2% 21.8% 18.9% 23.2% 16.4% 13.2% 16.6% 10.9% <-12mths Net Income/Shareholders' equity
5Yr Median 8.6% 9.3% 10.0% 10.1% 11.9% 11.9% 14.5% 18.9% 20.2% 20.2% 18.9% 16.6% 16.4% <-12mths
Net Income $51.71 $20.20 $26.93 $24.54 $40.04 $66.91 $84.89 $82.47 $114.90 $85.81 $67.24 $87.02 $54.24 <-12mths 330.75% <-Total Growth 10 Net Income
Oper C. F. $32.55 -$1 $42.74 $32.24 $109.17 $117.10 $113.16 $145.43 $133.18 $129.00 $146.15 $147.18 C F Statement  Oper C. F.
Invest. C. F $37.20 -$20.35 -$25.03 -$129.10 -$20.86 -$28.18 -$50.32 -$53.41 -$50.50 -$70.91 -$41.42 -$66.02 C F Statement  Invest. C. F
Total Accruals -$18.04 $42 $9.22 $121.40 -$48.27 -$22.02 $22.05 -$9.55 $32.23 $27.72 -$37.49 $5.86 Accruals
Total Assets $256.25 $244.20 $279.34 $419.57 $469.87 $467.06 $523.23 $600.41 $620.96 $633.24 $631.39 $657.62 Balance Sheet Assets
Accruals Ratio -7.04% 17.04% 3.30% 28.93% -10.27% -4.71% 4.21% -1.59% 5.19% 4.38% -5.94% 0.89% Ratio
Fin. C. F -$35.93 -$11.81 -$3.86 $93.89 -$17.35 -$88.82 -$29.38 -$38.93 $56.88 -$59.70 -$88.79 -$79.74 C F Statement  Fin. C. F
Total Accruals $17.90 $53.42 $13.08 $27.51 -$30.92 $66.81 $51.43 $29.38 -$24.65 $87.42 $51.30 $85.60 Accruals
Accruals Ratio 6.98% 21.88% 4.68% 6.56% -6.58% 14.30% 9.83% 4.89% -3.97% 13.81% 8.13% 13.02% Ratio
Cash  $228.58 $230.03 $159.31 $14.97
Per Share $3.38 $3.47 $2.40 -$2.40
Other  $69.80 $12.57
$231.51 11.22
Cash, securities per share $3.49
$1.09
Feb 1, 2012.  Last estimates I got were for 2011 and 2012 of EPS $1.40 and $1.48 and CF $2.00 and $1.89.  Book Value went down with IFRS accounting.
Dec 13, 2010.  The last time I looked at this stock I got 2011 earnings of $1.48 and cash flow of $2.00.   These haven's changed.
2007 - They have done well.  Company is considered a growth company.  There is concern that the increase in Book Value has not kept pase with growth in stock price.
How They Make Their Money
Reitmans (Canada) Limited operates a network of clothing stores specializing in women's & men's fashions and accessories. The company operates stores under the names Reitmans, Smart Set, 
Pennington Superstores, RW & Co., Thyme Maternity, Addition-Elle, and Cassis.
Sherlex Investments Inc (Reitman family) owns 50% of this company.
For most ratios, lower is better when looking for a good stock price.  However, there are exceptions such as for yield and asset/liability ratios and here you want a higher ratios to indicate a good stock price.  
Also, for the Operational Profit Margin, a higher percentage is better.  With the OPM, you should only compare companies in similar industries.
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12.028
Institutions 0.040 0.3%
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