Reitmans (Canada) Limited results for the nine months ended November 3, 2007



    MONTREAL, Dec. 4 /CNW Telbec/ - Sales for the nine months ended
November 3, 2007 increased 3.6% to $788,102,000 as compared with $760,399,000
for the nine months ended October 28, 2006. The increase in sales is
attributed to the net addition of 33 stores year over year. Same store sales
for the comparable 39 weeks decreased 1.9%. Operating earnings before
depreciation and amortization (EBITDA(1)) increased 1.5% to $147,051,000 as
compared with $144,891,000 last year. Net earnings and diluted EPS increased
to $77,855,000 or $1.08 per share as compared with $59,512,000 or $0.83 per
share last year. Excluding the impact of the retroactive Québec income tax
assessments and interest of $1,392,000 for the current year and $19,578,000
for last year, net earnings and diluted EPS for the nine months ended
November 3, 2007 would have amounted to $79,247,000 or $1.11 per share as
compared to $79,090,000 or $1.11 per share last year. The Company had
952 stores in operation at the end of this period compared to 919 stores at
the same time last year.
    Sales for the third quarter ended November 3, 2007 increased 2.7% to
$265,465,000 as compared with $258,602,000 for the third quarter ended
October 28, 2006. Same store sales for the comparable 13 weeks decreased 3.2%.
Operating earnings before depreciation and amortization (EBITDA(1)) for the
period increased 18.4% to $52,360,000 as compared with $44,219,000 last year.
Net earnings and diluted EPS increased to $27,394,000 or $0.38 per share as
compared to $23,390,000 or $0.33 per share for the period last year. Excluding
the impact of the retroactive Québec income tax assessments and interest of
$475,000 for the current year and $433,000 for last year, net earnings and
diluted EPS for the three months ended November 3, 2007 would have amounted to
$27,869,000 or $0.39 per share as compared to $23,823,000 or $0.33 per share
last year.
    During the third quarter, the Company opened 20 new stores and closed
3 stores. Accordingly, at November 3, 2007, there were 952 stores in
operation, consisting of 366 Reitmans, 160 Smart Set, 53 RW & CO., 73 Thyme
Maternity, 14 Cassis, 162 Penningtons and 124 Addition Elle. An additional
14 stores are scheduled to open this year and 6 stores will be closed.
    Sales for the month of November (4 weeks ended December 1, 2007)
increased 4.2%; same store sales increased 1.3%.
    The Company continues to be in a strong financial position with cash,
cash equivalents and marketable securities of $212,366,000 reported at fair
value (cost of $213,280,000). The Company's short-term cash is conservatively
invested in bank bearer deposit notes and bank term deposits with major
Canadian chartered banks. The Company does not hold any asset backed
commercial paper.
    At the Board of Directors meeting held on December 4, 2007, a quarterly
cash dividend (designated eligible dividends) of $0.18 per share was declared
on all Class A non-voting and Common shares outstanding, payable January 30,
2008 to shareholders of record on January 11, 2008. This is an increase of
12.5% over the previous quarterly rate of $0.16 per share resulting in an
annual dividend rate of $0.72 per share.
    As reported in the November 22, 2007 press release, the Company received
approval from the Toronto Stock Exchange to proceed with a normal course
issuer bid. Under the bid, the Corporation may purchase up to
2,870,615 Class A non-voting shares, representing 5% of the issued and
outstanding Class A non-voting shares as at November 9, 2007. The bid
commenced on November 28, 2007 and may continue to November 27, 2008.

    Financial statements are attached.

    
    Montreal, December 4, 2007

    Jeremy H. Reitman, President

    Telephone:          (514) 385-2630
    Corporate Website:  www.reitmans.ca


    All of the statements contained herein, other than statements of fact that
are independently verifiable at the date hereof, are forward-looking
statements. Such statements, based as they are on the current expectations of
management, inherently involve numerous risks and uncertainties, known and
unknown, many of which are beyond the Company's control. Such risks include
but are not limited to: the impact of general economic conditions, general
conditions in the retail industry, seasonality, weather and other risks
included in public filings of the Company. Consequently, actual future results
may differ materially from the anticipated results expressed in
forward-looking statements. The reader should not place undue reliance on the
forward-looking statements included herein. These statements speak only as of
the date made and the Company is under no obligation and disavows any
intention to update or revise such statements as a result of any event,
circumstances or otherwise, except to the extent required under applicable
securities law.

    (1) This release includes reference to certain Non-GAAP Financial Measures
such as operating earnings before depreciation and amortization and EBITDA,
which are defined as earnings before interest, taxes, depreciation and
amortization and investment income. The Company believes such measures provide
meaningful information on the Company's performance and operating results.
However, readers should know that such Non-GAAP Financial Measures have no
standardized meaning as prescribed by GAAP and may not be comparable to
similar measures presented by other companies. Accordingly, they should not be
considered in isolation.


    CONSOLIDATED STATEMENTS OF EARNINGS (Unaudited)

                                      For the                 For the
                                  nine months ended      three months ended
    (in thousands except      November 3, October 28, November 3, October 28,
     per share amounts)             2007        2006        2007        2006

    Sales                      $ 788,102   $ 760,399   $ 265,465   $ 258,602
    Cost of goods sold and
     selling, general and
     administrative expenses     641,051     615,508     213,105     214,383
                               ----------  ----------  ----------  ----------
                                 147,051     144,891      52,360      44,219
    Depreciation and
     amortization                 36,500      32,498      12,662      10,438
                               ----------  ----------  ----------  ----------
    Operating earnings before
     the undernoted              110,551     112,393      39,698      33,781

    Investment income (note 8)     9,677       9,378       2,628       2,479
    Interest on long-term debt       749         798         245         262
                               ----------  ----------  ----------  ----------
    Earnings before income
     taxes                       119,479     120,973      42,081      35,998
    Income taxes:
      Current                     43,332      43,782      13,495      12,764
      Future                      (3,100)     (1,899)        717        (589)
                               ----------  ----------  ----------  ----------
                                  40,232      41,883      14,212      12,175
      Québec tax assessments
       - current (note 7)          1,392      19,578         475         433
                               ----------  ----------  ----------  ----------
                                  41,624      61,461      14,687      12,608
                               ----------  ----------  ----------  ----------
    Net earnings               $  77,855   $  59,512   $  27,394   $  23,390
                               ----------  ----------  ----------  ----------
                               ----------  ----------  ----------  ----------

    Earnings per share
     (note 6):
      Basic                    $    1.09   $    0.85   $    0.39   $    0.33
      Diluted                       1.08        0.83        0.38        0.33

    The accompanying notes are an integral part of these consolidated
    financial statements.



    CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)

                                      For the                 For the
                                  nine months ended      three months ended
    (in thousands)            November 3, October 28, November 3, October 28,
                                    2007        2006        2007        2006

    CASH FLOWS (USED IN) FROM
     OPERATING ACTIVITIES
      Net earnings             $  77,855   $  59,512   $  27,394   $  23,390
      Adjustments for:
        Depreciation and
         amortization             36,500      32,498      12,662      10,438
        Future income taxes       (3,100)     (1,899)        717        (589)
        Stock-based
         compensation                771         984         247         308
        Amortization of
         deferred lease
         credits                  (3,416)     (2,971)     (1,186)     (1,037)
        Deferred lease credits     4,255       4,237       1,165       2,107
        Pension expense            1,200       1,008         400         336
        Gain on sale of
         marketable securities    (1,991)     (2,280)         15           3
      Changes in non-cash
       working capital items
       relating to operations    (41,374)      9,170      (3,681)      7,419
                               ----------  ----------  ----------  ----------
                                  70,700     100,259      37,733      42,375

    CASH FLOWS (USED IN) FROM
     INVESTING ACTIVITIES
      Purchases of marketable
       securities                      -      (3,982)          -           -
      Proceeds on sale of
       marketable securities      12,846      13,770       1,250         811
      Additions to capital
       assets                    (56,118)    (46,952)    (16,975)    (23,040)
                               ----------  ----------  ----------  ----------
                                 (43,272)    (37,164)    (15,725)    (22,229)

    CASH FLOWS (USED IN) FROM
     FINANCING ACTIVITIES
      Dividends paid             (34,169)    (29,552)    (11,337)     (9,854)
      Purchase of Class A
       non-voting shares for
       cancellation              (11,021)       (735)    (11,021)       (735)
      Repayment of long-term
       debt                         (800)       (752)       (270)       (255)
      Proceeds from issue of
       share capital               1,532         999         210         208
                               ----------  ----------  ----------  ----------
                                 (44,458)    (30,040)    (22,418)    (10,636)


    NET (DECREASE) INCREASE IN
     CASH AND CASH EQUIVALENTS   (17,030)     33,055        (410)      9,510

    CASH AND CASH EQUIVALENTS,
     BEGINNING OF THE PERIOD     188,491     135,399     171,871     158,944
                               ----------  ----------  ----------  ----------

    CASH AND CASH EQUIVALENTS,
     END OF THE PERIOD         $ 171,461   $ 168,454   $ 171,461   $ 168,454
                               ----------  ----------  ----------  ----------
                               ----------  ----------  ----------  ----------

    Supplemental disclosure of cash flow information (note 8)

    The accompanying notes are an integral part of these consolidated
    financial statements.



    CONSOLIDATED BALANCE SHEETS (Unaudited)
                                                                     Audited
                                          November 3, October 28, February 3,
    (in thousands)                              2007        2006        2007

    ASSETS
    CURRENT ASSETS
      Cash and cash equivalents (note 8)   $ 171,461   $ 168,454   $ 188,491
      Marketable securities (note 8)          40,905      52,624      52,675
      Accounts receivable                      4,628       3,585       3,439
      Merchandise inventories                 86,736      89,836      61,834
      Prepaid expenses                        24,585      10,027      21,405
      Future income taxes                        344           -           -
                                           ----------  ----------  ----------
        Total Current Assets                 328,659     324,526     327,844

    CAPITAL ASSETS                           245,860     221,261     226,734

    GOODWILL                                  42,426      42,426      42,426

    FUTURE INCOME TAXES                        5,949       3,214       3,407
                                           ----------  ----------  ----------

                                           $ 622,894   $ 591,427   $ 600,411
                                           ----------  ----------  ----------
                                           ----------  ----------  ----------
    LIABILITIES AND SHAREHOLDERS' EQUITY
    CURRENT LIABILITIES
      Accounts payable and accrued items   $  86,012   $  89,733   $  85,317
      Income taxes payable                    26,999      42,886      40,289
      Future income taxes                          -           -         248
      Current portion of long-term debt
       (note 5)                                1,127       1,059       1,076
                                           ----------  ----------  ----------
        Total Current Liabilities            114,138     133,678     126,930

    DEFERRED LEASE CREDITS                    21,697      20,291      20,858

    LONG-TERM DEBT (note 5)                   14,246      15,372      15,097

    FUTURE INCOME TAXES                            -         118         112

    ACCRUED PENSION LIABILITY                  2,495         503       1,295

    SHAREHOLDERS' EQUITY
      Share capital                           23,135      18,361      21,323
      Contributed surplus                      3,864       3,507       3,583
      Retained earnings                      444,088     399,597     411,213
      Accumulated other comprehensive loss      (769)          -           -
                                           ----------  ----------  ----------
        Total Shareholders' Equity           470,318     421,465     436,119
                                           ----------  ----------  ----------

                                           $ 622,894   $ 591,427   $ 600,411
                                           ----------  ----------  ----------
                                           ----------  ----------  ----------

    The accompanying notes are an integral part of these consolidated
    financial statements.


    CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (Unaudited)

                                      For the                 For the
                                  nine months ended      three months ended
    (in thousands)            November 3, October 28, November 3, October 28,
                                    2007        2006        2007        2006
    SHARE CAPITAL
    Balance, beginning of
     period                    $  21,323   $  17,374   $  22,981   $  18,165
      Cash consideration on
       exercise of stock
       options                     1,532         999         210         208
      Ascribed value credited
       to share capital from
       exercise of stock
       options                       490           -         154           -
      Cancellation of shares
       pursuant to stock
       repurchase  program          (210)        (12)       (210)        (12)
                               ----------  ----------  ----------  ----------
      Balance, end of period      23,135      18,361      23,135      18,361
                               ----------  ----------  ----------  ----------
    CONTRIBUTED SURPLUS
    Balance, beginning of
     period                        3,583       2,523       3,771       3,199
      Stock option
       compensation costs            771         984         247         308
      Ascribed value credited
       to share capital from
       exercise of stock
       options                      (490)          -        (154)          -
                               ----------  ----------  ----------  ----------
    Balance, end of period         3,864       3,507       3,864       3,507
                               ----------  ----------  ----------  ----------
    RETAINED EARNINGS
    Balance, beginning of
     period                      411,213     370,360     438,842     386,784
      Net earnings                77,855      59,512      27,394      23,390
      Dividends                  (34,169)    (29,552)    (11,337)     (9,854)
      Premium on repurchase
       of Class A non-voting
       shares                    (10,811)       (723)    (10,811)       (723)
                               ----------  ----------  ----------  ----------
    Balance, end of period       444,088     399,597     444,088     399,597
                               ----------  ----------  ----------  ----------

    ACCUMULATED OTHER
     COMPREHENSIVE
     INCOME (LOSS)
    Balance, beginning of
     period                            -           -        (305)          -
      Adjustment to opening
       balance due to the new
       accounting policies
       adopted regarding
       financial  instruments
       (net of tax of $523)        2,883           -           -           -
      Net unrealized loss on
       available-for-sale
       financial  assets
       arising during the
       period, net of tax         (1,906)          -        (455)          -
      Reclassification
       adjustment for net
       gains included  in net
       earnings, net of tax       (1,746)          -          (9)          -
                               ----------  ----------  ----------  ----------
    Balance, end of period(1)       (769)          -        (769)          -
                               ----------  ----------  ----------  ----------

    Total Shareholders' Equity $ 470,318   $ 421,465   $ 470,318   $ 421,465
                               ----------  ----------  ----------  ----------
                               ----------  ----------  ----------  ----------

    (1) Available-for-sale financial investments constitute the sole item in
        accumulated other comprehensive income (loss).



    CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited)

                                      For the                 For the
                                  nine months ended      three months ended
    (in thousands)            November 3, October 28, November 3, October 28,
                                    2007        2006        2007        2006

    Net earnings               $  77,855   $  59,512   $  27,394   $  23,390
    Other comprehensive income
     (loss):
      Net unrealized loss on
       available-for-sale
       financial  assets
       arising during the
       period, net of tax
       of $337 ($86 for the
       three months ended
       November 3, 2007)          (1,906)          -        (455)          -
      Reclassification
       adjustment for net
       gains included in  net
       earnings, net of tax
       of $332 ($1 for the
       three months ended
       November 3, 2007)          (1,746)          -          (9)          -
                               ----------  ----------  ----------  ----------
    Other comprehensive income
     (loss)                       (3,652)          -        (464)          -
                               ----------  ----------  ----------  ----------
    Comprehensive Income       $  74,203   $  59,512   $  26,930   $  23,390
                               ----------  ----------  ----------  ----------
                               ----------  ----------  ----------  ----------

    The accompanying notes are an integral part of these consolidated
    financial statements.



    NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
    (all amounts in thousands except per share amounts)


    1. BASIS OF PRESENTATION

    These unaudited interim consolidated financial statements (the "financial
statements") have been prepared in accordance with Canadian generally accepted
accounting principles for interim financial information and include all normal
and recurring entries that are necessary for a fair presentation of the
statements. Accordingly, they do not include all of the information and
footnotes required by Canadian generally accepted accounting principles for
annual financial statements. These financial statements should be read in
conjunction with the most recently prepared annual financial statements for
the 53 week period ended February 3, 2007. The Company applied the same
accounting policies in the preparation of the financial statements as
disclosed in note 1 of its annual consolidated financial statements in the
Company's fiscal 2007 Annual Report except as described below in note 2 -
changes in accounting policies.
    The Company's business is seasonal and due to the geographical spread of
the Company's stores and range of products it offers, the Company has
experienced quarterly fluctuations in operating results. The business
seasonality results in performance for the 13 weeks ended November 3, 2007,
which is not necessarily indicative of performance for the balance of the
year.
    All amounts in the attached footnotes are unaudited unless specifically
identified.


    2. CHANGES IN ACCOUNTING POLICIES

    On February 4, 2007, the Company adopted the following new accounting
standards issued by the Canadian Institute of Chartered Accountants ("CICA").
As provided under the standards, the adoption of these recommendations was
done without restatement of prior period consolidated financial statements.
The transitional adjustments resulting from these standards are recognized in
the opening balance of accumulated other comprehensive income.

    CICA Section 1530 - Comprehensive Income

    This CICA Handbook section introduced a statement of comprehensive income
which is included in the full set of interim and annual financial statements.
Comprehensive income represents the change in equity during a period from
transactions and other events and circumstances from non-owner sources and
will include all changes in equity other than those resulting from investments
by owners and distributions to owners.

    CICA Section 3251 - Equity

    This CICA Handbook section, which replaced Section 3250 - Surplus,
establishes standards for the presentation of equity and changes in equity
during the reporting period and requires the Company to present separately
equity components and changes in equity arising from (i) net earnings;
(ii) other comprehensive income; (iii) other changes in retained earnings;
(iv) changes in contributed surplus; (v) changes in share capital; and
(vi) changes in reserves. New consolidated statements of changes in
shareholders' equity are included in these financial statements.

    CICA Section 3855 - Financial Instruments - Recognition and Measurement

    This CICA Handbook section establishes standards for recognition and
measurement of financial assets, financial liabilities and non-financial
derivatives. All financial instruments must be classified into a defined
category, namely, held-to-maturity investments, held-for-trading financial
assets and financial liabilities, available-for-sale financial assets, loans
and receivables or other financial liabilities. The standard requires that
financial instruments within scope, including derivatives, be included on the
Company's balance sheet and measured at fair value, except for loans and
receivables, held-to-maturity investments and other financial liabilities
which are measured at cost or amortized cost. Gains and losses on
held-for-trading financial assets and financial liabilities are recognized in
net earnings in the period in which they arise. Unrealized gains and losses,
including changes in foreign exchange rates on available-for-sale financial
assets are recognized in other comprehensive income until the financial assets
are derecognized or impaired, at which time any unrealized gains or losses are
recorded in net earnings. Transaction costs are added to the financial asset
on initial recognition and are recognized in net earnings when the asset is
derecognized or impaired.
    Fair values of available-for-sale financial assets are based on published
market prices at month end.

    CICA Section 3861 - Financial Instruments - Disclosure and Presentation

    This CICA Handbook section, which replaced Section 3860 of the same name,
establishes standards for presentation of financial instruments and
non-financial derivatives, and identifies the information that should be
disclosed about them.
    The adoption of these new standards resulted in the following changes in
the classification and measurement of the Company's financial instruments,
previously recorded at cost:
    Cash and cash equivalents are classified as "financial assets
held-for-trading" and are measured at fair value. These financial assets are
marked-to-market through net earnings and recorded as investment income at
each period end. This change had no impact on the Company's consolidated
financial statements.
    Accounts receivable are classified as "loans and receivables" and are
recorded at cost which at initial measurement corresponds to fair value. After
their initial fair value measurement, they are measured at amortized cost
using the effective interest rate method. This change had no impact on the
Company's consolidated financial statements.
    Marketable securities, which consist primarily of preferred shares of
Canadian public companies, are classified as "available-for-sale securities".
These financial assets are marked-to-market through other comprehensive income
at each period end. The initial impact of measuring the available-for-sale
securities at fair value was a net unrealized gain of $2,883, net of tax of
$523, which was recorded in opening accumulated other comprehensive income.
    Accounts payable and accrued items and long-term debt are classified as
"other financial liabilities". They are initially measured at fair value and
subsequent revaluations are recorded at amortized cost using the effective
interest rate method. This change had no impact on the Company's consolidated
financial statements.
    The Company uses a variety of strategies, such as foreign exchange option
contracts, with maturities not exceeding three months, to manage its exposure
to fluctuations in the US dollar. These derivative financial instruments are
not used for speculative purposes. These financial assets are marked-to-market
through net earnings at each period end. This change had no impact on the
Company's consolidated financial statements.
    Embedded derivatives (elements of contracts whose cash flows move
independently from the host contract) are required to be separated and
measured at fair values if certain criteria are met. Under an election
permitted by the new standard, management reviewed contracts entered into or
modified subsequent to February 2, 2003 and determined that the Company does
not currently have any significant embedded derivatives in these contracts
that require separate accounting and disclosure.


    3. SHARE CAPITAL

    The Company has authorized an unlimited number of Class A non-voting
shares.
    During the quarter, the Company purchased 561 Class A non-voting shares
having a book value of $210 under its stock repurchase program for a total
cash consideration of $11,021. The excess of the purchase price over book
value of the shares in the amount of $10,811 was charged to retained earnings.
    The following table summarizes Class A non-voting shares issued for each
of the quarters listed:

                                      For the                 For the
                                  nine months ended      three months ended
                              November 3, October 28, November 3, October 28,
                                    2007        2006        2007        2006

    Balance at beginning
     of period                    57,817      56,747      57,935      56,928
    Shares issued pursuant to
     exercise of stock options       156         239          38          58
    Class A non-voting shares
     for cancellation               (561)        (41)       (561)        (41)
                               ----------  ----------  ----------  ----------
    Balance at end of period      57,412      56,945      57,412      56,945
                               ----------  ----------  ----------  ----------
                               ----------  ----------  ----------  ----------

    The Company has authorized an unlimited number of Common shares. At
November 3, 2007, there were 13,440 common shares issued (October 28, 2006 -
13,440; February 3, 2007 - 13,440) with a value of $482 (October 28, 2006 -
$482; February 3, 2007 - $482).


    4. STOCK-BASED COMPENSATION

    The Company has a share option plan as described in note 7 c) to the
consolidated financial statements contained in the 2007 Annual Report. During
the three and nine month periods ended November 3, 2007, no options were
granted. For the nine months ended November 3, 2007, eight thousand options
were cancelled.


    5. LONG-TERM DEBT

                                                                     Audited
                                          November 3, October 28, February 3,
                                                2007        2006        2007
    Mortgage bearing interest at 6.40%,
     payable in monthly instalments of
     principal and interest of $172, due
     November 2017 and secured by the
     Company's distribution centre         $  15,373   $  16,431   $  16,173
    Less current portion                       1,127       1,059       1,076
                                           ----------  ----------  ----------
                                           $  14,246   $  15,372   $  15,097
                                           ----------  ----------  ----------
                                           ----------  ----------  ----------


    6. EARNINGS PER SHARE

                                      For the                 For the
                                  nine months ended      three months ended
                              November 3, October 28, November 3, October 28,
                                    2007        2006        2007        2006

    Weighted average number of
     shares per basic earnings
     per share calculations       71,244      70,321      71,079      70,379
    Effect of dilutive options
     outstanding                     688       1,436         619       1,360
                               ----------  ----------  ----------  ----------
    Weighted average number of
     shares per diluted
     earnings per share
     calculations                 71,932      71,757      71,698      71,739
                               ----------  ----------  ----------  ----------
                               ----------  ----------  ----------  ----------


    7. INCOME TAXES

    During the second quarter of the fiscal year ended February 3, 2007, the
Québec National Assembly enacted legislation (Bill 15) that retroactively
changed certain tax laws that subject the Company to additional taxes and
interest for the 2003, 2004 and 2005 years. In accordance with Canadian
generally accepted accounting principles, as a result of Québec income tax
assessments received, an amount of $20,054 for retroactive taxes and interest
was expensed in the fiscal year ended February 3, 2007 ($433 and $19,578 for
the three and nine months period ended October 28, 2006). An additional amount
of $475 and $1,392 were expensed in the three and nine months ended
November 3, 2007, respectively, representing additional accrued interest.
    The Company has filed formal objection notices for these unpaid
assessments and is pursuing all avenues to mitigate the tax liability.
However, the Company is unable to judge the likelihood of success.


    8. SUPPLEMENTARY INFORMATION

                                                                     Audited
                                          November 3, October 28, February 3,
                                                2007        2006        2007

    Balance with banks (overdraft)         $   4,234   $  (6,696)  $   6,239
    Short-term deposits, bearing interest
     at 4.7% (October 28, 2006 - 4.3%;
     February 3, 2007 - 4.3%)                167,227     175,150     182,252
                                           ----------  ----------  ----------
                                           $ 171,461   $ 168,454   $ 188,491
                                           ----------  ----------  ----------
                                           ----------  ----------  ----------

    Non-cash transactions:
      Capital asset additions included
       in accounts payable                 $   2,912   $   1,683   $   3,404


                                      For the                 For the
                                  nine months ended      three months ended
                              November 3, October 28, November 3, October 28,
                                    2007        2006        2007        2006

    Cash paid during the
     period for:
      Income taxes             $  61,196   $  36,746   $  14,917   $   6,075
      Interest                       802         957         250         349

    Investment income:
      Available-for-sale
       financial assets:
        Interest income        $      51   $      58   $      11   $      19
        Dividends                  1,833       2,417         586         688
        Realized gain (loss)
         on disposal               1,991       2,280         (15)         (3)
      Held-for-trading
       financial assets:
        Interest income            5,802       4,623       2,046       1,775
                               ----------  ----------  ----------  ----------
                               $   9,677   $   9,378   $   2,628   $   2,479
                               ----------  ----------  ----------  ----------
                               ----------  ----------  ----------  ----------
    

    At November 3, 2007, marketable securities amounted to $40,905 reported
at fair value (cost of $41,819) as compared with $52,624 last year reported at
cost (with a market value of $56,396). At February 3, 2007, marketable
securities amounted to $52,675 (with a market value of $56,081). Due to new
accounting standards with respect to financial instruments that were adopted
by the Company in the first quarter of fiscal 2008, marketable securities have
been measured and reported at their fair value at November 3, 2007 while the
comparative year is reported at cost.


    9. COMPARATIVE FIGURES

    Certain comparative figures have been reclassified to conform with the
presentation adopted in the current year.
    %SEDAR: 00002316EF




For further information:

For further information: Jeremy H. Reitman, President, (514) 385-2630,
www.reitmans.ca


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