BMTC earns C$1.2M
Michael J. Knell -- Furniture Today, June 3, 2013
MONTREAL - While first-quarter sales declined modestly for BMTC Group, Quebec's largest full-line furniture, mattress and major appliance retailer reversed the loss it incurred for comparable period of 2012.
The company had revenues of C$151.8 million in the quarter, down 1.8% from C$154.8 million for same period of 2012. BMTC does not publish same-store sales figures.
Net earnings were C$1.2 million or three cents per share, reversing last year's first-quarter loss of C$1.8 million or four cents per share. BMTC's ongoing share buy-back program added one cent per share to earnings, officials said.
In a note to shareholders, Yves Des Groseillers, the company's chairman, president and CEO, announced the company will add another four units to its Econo Max banner this year - two in the spring and two in the fall. BMTC launched the promotional banner a year ago with four units in the greater Montreal area.
"The company is presently analyzing three other potential sites that could be added to the banner, thus improving the profitability of this network," he added..