BMTC 2Q sales up 10%
MONTREAL – BMTC Group, parent to three of Quebec’s largest furniture, mattress and major appliance retailers, has reported upticks in both sales and earnings for the second quarter and first half of its newly re-aligned fiscal year.
Late last year, the publicly-held retailer shifted its fiscal year from the 12 months ending 31 December to the 12 months ending 31 January. It is the only major Canadian home goods retailer with the offset fiscal year. Leon’s Furniture Limited, the parent of Leon’s and The Brick; GoEasy, the parent of Easyhome; and, Sleep Country Canada all use the calendar year.
For the three months ended 31 July 2018, BMTC recorded revenues of $219.6 million, a 10.2% gain from the $199.3 million for the three comparable months ending 30 June 2017.
Same store sales growth was pegged at 3.9% for the period.
Net earning for the second quarter were $16.9 million or 48 cents per share, compared to $14.0 million or 38 cents per share for the comparable period – an uptick of 26.3% on a per share basis.
For the six months also ended 31 July 2018 – marking the first half of its current fiscal year – revenues were $381.8 million, a 5.9% gain over the $361.3 million for the period ending 30 June 2017.
Same store sales for the period were up 3.7%.
Net earnings were $21.7 million or 61 cents per share, compared to $14.1 million or 38 cents share – up 60.5% on a per share basis.
During the first half, BMTC closed the sale of its store in the Montreal suburb of Repentigny for $9.0 million, resulting in an after-tax gain of $4.5 million or 13 cents per share.
At the end of July, BMTC operated some 32 stores across the Province of Quebec under three banners: Ameublements Tanguay, which it refers to as a subsidiary; Brault et Martineau and EconoMax.