Brick Group reports first same-store sales gain in 17 months
Total sales up 9.1% in December; same stores up 4.9%
Michael Knell -- Furniture Today, January 12, 2010
EDMONTON, Alberta — Brick Group Income Fund stores posted a 9.1% sales gain in December compared with the same month a year earlier, with same-store sales rising 4.9%.
It was the first same-store gain in 17 months for the parent of Canada's largest full-line furniture retailer.
Although it didn't release dollar figures, the publicly held furniture, mattress, appliance and electronics merchant said its fourth-quarter retail sales were down 1.9% from the same period in 2008 - a significant improvement from declines of 18.7%, 29.3% and 13.8% in last year's first, second and third quarters, respectively.
Same-store sales were down 7.3% in the fourth quarter, an improvement from declines of 21.9%, 33% and 19% in the first, second and third quarters, respectively.
The Brick Group also reported that its cash and liquidity position strengthened with zero borrowings under its GE asset-based credit facility, with C$68 million still available for use as of Dec. 31. The company said it ended the year with cash and cash equivalents totally C$18 million.
The company cautioned that the figures are preliminary and unaudited and are subject to change.
"I remain extremely pleased with the performance of our team and our ability to execute the plans developed toward the end of the third quarter," Brick Group President and CEO Bill Gregson said in a statement. "Our comparative sales trend improved in the fourth quarter, with strong results in December, and margin rates consistent with management's expectations."
He added, "The significant improvement in our cash position further demonstrates the diligent efforts of our management team and we are very satisfied with the improvement in the liquidity of the Brick Group."
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Brick sales up 9.1% in Dec.
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