RE:Reitmans Outlook This statement was made 3 weeks ago when Q1 was in the bag and they had to have an excellent Q2 perspective on the Canadian apparel market.
Afterall, they elevated their inventory going into Q1, for the Canadian spring and summer market.
That profitability of $32 million would is needed to cover the deferred tax benefit and I doubt that they would have risk off for Q3 unless they saw through the doom and gloom of the talking heads ....a contrarian view that is almost always right..