Reitman during the last recession In Fiscal 2008, which captured the earning season prior to the Great Financial Crisis (Dec 07), Reitmans achieved earnings per share of $1.61. Over the following 2 fiscal years, the company was still profitable, although as expected, earnings did decline to $1.21 and $0.98 for the fiscal 2009 and 2010 year.
The share price reached a peak in May 2007 at around $24.95 and the share price troughed in February 2009 at $9.8. This shouldn't come as a surprise as pretty much every company tanked during the last recession.
Final words: If the company can continue this momentum and prove that they can sustain these cash flows, then I don't see why we couldn't reach $10 a share even if we enter a recession. Reitmans today is comparable to that time period in terms of net income per share. In the last 12 months, Reitmans has delivered eps of ~ $1.258 and is likely to inch higher after Q4 results.
My 2 cents worth.