Clothing chain Pantorama Industries Inc on Thursday reported a 90 per cent plunge in third quarter profit to $60,000 from $655,000 in the year-ago period amid a tough retail environment.

The jeans and casual apparel retailer said revenues slipped 9.3 per cent to $29.9 million $33m in the year-ago period with same-store sales down 7.2 per cent and nine month sales down 9.1 per cent to $78.5m.

The Montreal-based operator of 160 stores said: "The challenging retail apparel sector ... continued for the third quarter."

It added: "The company is well equipped to meet this challenging environment with improved inventory management, its strong working capital and its continued efforts in controlling costs."