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Michael Knell

BMTC revenues slip 2.4%

MONTREAL - BMTC Group, Quebec's largest full-line furniture, mattress and major appliance retailer, reported its third consecutive period of declining sales in the second quarter and a slight dip in earnings.
     Revenues of C$181.4 million for the quarter were down 2.4% from the same period of 2012. BMTC does not publish same-store sales figures, but one analyst estimated they declined 3% during the quarter, following a 4% decline for 2012's second quarter.
     Net earnings were C$13.6 million, a 2.2% slip from the comparable period's profit of C$13.9 million. On a per share basis, earnings were flat at 29 cents.
     The cost of stock options offered to its senior management had no effect on earnings per share during the quarter. BMTC also said its ongoing share buyback program had no impact on earnings for the quarter.
     For the six months ended June 30, BMTC revenues were C$333.2 million, a 2.1% decline from the first half of 2012. But net earnings were C$14.8 million or 32 cents per share, compared with C$12.1 million or 25 cents per share for the comparable period - an uptick of 22%, or 28% on a per share basis.
     One new EconoMax store was opened in the second quarter. In a note to shareholders, Yves Des Groseillers, the company's chairman, president and CEO, said the company will open another three units before the end of the year. BMTC launched the promotional banner in the spring of 2012 with four units in and around Montreal.
     BMTC Group operates 33 stores in Quebec under the Brault & Martineau, Brault & Martineau Sleep Gallery, EconoMax and Ameublesment Tanguay banners.

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