BMTC sees 3Q upticks
MONTREAL – BMTC Group saw increases in both sales and earnings for both third quarter and the year-to-date as the parent of Quebec’s largest furniture, mattress and appliance banners continued to build-out its e-commerce platforms while breaking ground on the ‘store of the future’ it expects to unveil here sometime late next year.
For the three months ending September 30, 2017, company revenues were $203.8 million, up 3.1% from $197.6 million for the same period a year ago. Same store sales climbed 3.9% - much higher than the 1% most analysts were expecting.
Net earnings were $17.5 million or 48 cents per share, compared to $14.7 million or 40 cents per share a year ago – an uptick of 20% on a per share basis.
For the nine months also ending September 30, 2017, BMTC revenues were $565.0 million, up 2.8% from $549.6 million for the comparable period. Same store sales were up 2.5%.
Net earnings were $31.6 million or 86 cents per share, compared to $26.1 million or 70 cents per share – an uptick of 22.8% on a per share basis.
In his message to shareholders, Yves Des Groseillers, BMTC’s long serving chairman, president and chief executive officer noted the company is in the midst of efforts to build-out its e-commerce capabilities and standardise its IT platforms across all three of its retail banners at an eventual cost of about $17 million – $6.5 million of which incurred in 2015 and 2016.
The company also completed the land purchase for its Brault & Martineau prototype store in the Montreal suburb of Ste-Thérèse. Construction was expected to begin on the 80,000 square foot store in the fourth quarter and the store is expected to replace, which is located in Repentigny, was closed in early November.
“According to the most recent economic forecast, Quebec’s economic growth should surpass 4% in 2017, a record growth not seen in the past 13 years,” Des Groseillers said. “Together with a full employment economy in Quebec, the company anticipates better results for 2017.”
At the end of September, BMTC Group – which remains Quebec’s largest furniture, mattress and major appliance retailer – operated 34 stores across the province: Brault & Martineau, EconoMax and Ameublements Tanguay.