BMTC profits climb in 2Q
By Michael J. Knell -- Furniture Today, September 7, 2009
MONTREAL — BMTC Group, Quebec's dominant furniture and appliance retailer, suffered declining sales in the second quarter but its profit improved.
Revenues from operations were down 9.1% from the same period a year earlier to C$205 million. Net income was C$19.7 million or 72 cents per share, up 15.2% from the C$17.1 million or 55 cents per share for the 2008 quarter.
BMTC said its share buyback program contributed 8 cents per share to earnings in the quarter, while its method of costing management stock options (as either an expense or revenue, depending on the swings in the share price) reduced earnings by 5 cents per share.
For the first half, revenues were down 8.2% from a year earlier to C$383.8 million, while earnings were down 20.5% to C$22.8 million. Earnings per share slipped to 83 cents from 92 cents. Options costing reduced net earnings by 9 cents per share in the recent half, and increased them by 18 cents per share in the 2008 half.
The share buyback program added 9 cents to EPS in the first half. Last year, the sale of some surplus real estate added 11 cents per share.
At the end of June, BMTC operated 32 stores under the Brault & Martineau and Ameublesment Tanguay banners.
Featured Company
-
Brandwise Inc.
Brandwise serves a model - not just an industry - by integrating, automating, and optimizing the entire sales channel, from wholesale Suppliers to their Reps and the Retailers they service. In short, our software helps Reps and Suppliers sell more and create... more
VIEW ALL GALLERIES
