BMTC sales down 4.2% in third quarter
MONTREAL — BMTC Group, Quebec's largest full-line furniture, mattress and major appliance retailer, has reported its fourth consecutive quarter of declining sales, a reflection of weakening consumer spending across the province.
For the three months ending Sept. 30, BMTC said sales were C$187.3 million, off 4.2% from the C$195.6 million for the comparable period of 2012.
BMTC doesn't publish same store sales figures, but one analyst estimated they declined 4.7% during the third quarter, versus a 0.6% decline for same period last year.
Net earnings were C$15.8 million or 34 cents a share, down from C$20.1 million or 42 cents per share, a 19% drop on a per share basis.
BMTC said its ongoing share buyback program contributed one cent per share to net earnings for the quarter.
For the first nine months of the year, sales were C$520.6 million, down 2.9% from the C$536.2 million for the comparable period. Net earnings were C$30.6 million or 66 cents per share, compared to C$32.3 million or 67 cents per share for the first nine months of 2012 - a slight decline of 1.5% per share.
The share buyback program contributed two cents per share to earnings, the company said.
BMTC added one new store to its EconoMax banner in October 2013, in the Montreal suburb of Laval, bringing the total to six. The company is expected to add another in St. Hubert in December and a eighth in Joliette, Quebec, in February. Three additional locations are also under consideration and are expected to come online in late 2014 or early 2015.
As of Sept. 30, BMTC Group operated 33 stores in Quebec under the Brault& Martineau, Brault& Martineau Sleep Gallery, EconoMax and AmeublesmentTanguay banners.
Source from: Furniture Today