Accessibility Statement Skip Navigation
  • Resources
  • Blog
  • Journalists
  • Webcasts
  • Data Privacy
  • Français
  • my CNW 
    • Login
    • Register
  • Client Login 
    • Online Member Centre
    • Next Gen Communications Cloud
    • Cision Communications Cloud®
  • Sign Up
  • Send a Release
Return to PR Newswire homepage
  • News
  • Products
  • Contact
When typing in this field, a list of search results will appear and be automatically updated as you type.

Searching for your content...

No results found. Please change your search terms and try again.
Advanced Search
  • News in Focus
      • Browse News Releases

      • All News Releases
      • All Public Company
      • News Releases Overview

      • Multimedia Gallery

      • All Multimedia
      • All Photos
      • All Videos
      • Multimedia Gallery Overview

      • Trending Topics

      • All Trending Topics
  • Business
      • Auto & Transportation

      • All Automotive & Transportation
      • Aerospace, Defense
      • Air Freight
      • Airlines & Aviation
      • Automotive
      • Maritime & Shipbuilding
      • Railroads and Intermodal Transportation
      • Supply Chain/Logistics
      • Transportation, Trucking & Railroad
      • Travel
      • Trucking and Road Transportation
      • Auto & Transportation Overview

      • View All Auto & Transportation

      • Business Technology

      • All Business Technology
      • Blockchain
      • Broadcast Tech
      • Computer & Electronics
      • Computer Hardware
      • Computer Software
      • Data Analytics
      • Electronic Commerce
      • Electronic Components
      • Electronic Design Automation
      • Financial Technology
      • High Tech Security
      • Internet Technology
      • Nanotechnology
      • Networks
      • Peripherals
      • Semiconductors
      • Business Technology Overview

      • View All Business Technology

      • Entertain­ment & Media

      • All Entertain­ment & Media
      • Advertising
      • Art
      • Books
      • Entertainment
      • Film and Motion Picture
      • Magazines
      • Music
      • Publishing & Information Services
      • Radio & Podcast
      • Television
      • Entertain­ment & Media Overview

      • View All Entertain­ment & Media

      • Financial Services & Investing

      • All Financial Services & Investing
      • Accounting News & Issues
      • Acquisitions, Mergers and Takeovers
      • Banking & Financial Services
      • Bankruptcy
      • Bond & Stock Ratings
      • Conference Call Announcements
      • Contracts
      • Cryptocurrency
      • Dividends
      • Earnings
      • Earnings Forecasts & Projections
      • Financing Agreements
      • Insurance
      • Investments Opinions
      • Joint Ventures
      • Mutual Funds
      • Private Placement
      • Real Estate
      • Restructuring & Recapitalization
      • Sales Reports
      • Shareholder Activism
      • Shareholder Meetings
      • Stock Offering
      • Stock Split
      • Venture Capital
      • Financial Services & Investing Overview

      • View All Financial Services & Investing

      • General Business

      • All General Business
      • Awards
      • Commercial Real Estate
      • Corporate Expansion
      • Earnings
      • Environmental, Social and Governance (ESG)
      • Human Resource & Workforce Management
      • Licensing
      • New Products & Services
      • Obituaries
      • Outsourcing Businesses
      • Personnel Announcements
      • Real Estate Transactions
      • Residential Real Estate
      • Small Business Services
      • Socially Responsible Investing
      • Surveys, Polls and Research
      • Trade Show News
      • General Business Overview

      • View All General Business

  • Science & Tech
      • Consumer Technology

      • All Consumer Technology
      • Artificial Intelligence
      • Blockchain
      • Cloud Computing/Internet of Things
      • Computer Electronics
      • Computer Hardware
      • Computer Software
      • Consumer Electronics
      • Cryptocurrency
      • Data Analytics
      • Electronic Commerce
      • Electronic Gaming
      • Financial Technology
      • Mobile Entertainment
      • Multimedia & Internet
      • Peripherals
      • Social Media
      • STEM (Science, Tech, Engineering, Math)
      • Supply Chain/Logistics
      • Wireless Communications
      • Consumer Technology Overview

      • View All Consumer Technology

      • Energy & Natural Resources

      • All Energy
      • Alternative Energies
      • Chemical
      • Electrical Utilities
      • Gas
      • General Manufacturing
      • Mining
      • Mining & Metals
      • Oil & Energy
      • Oil and Gas Discoveries
      • Utilities
      • Water Utilities
      • Energy & Natural Resources Overview

      • View All Energy & Natural Resources

      • Environ­ment

      • All Environ­ment
      • Conservation & Recycling
      • Environmental Issues
      • Environmental Policy
      • Environmental Products & Services
      • Green Technology
      • Natural Disasters
      • Environ­ment Overview

      • View All Environ­ment

      • Heavy Industry & Manufacturing

      • All Heavy Industry & Manufacturing
      • Aerospace & Defense
      • Agriculture
      • Chemical
      • Construction & Building
      • General Manufacturing
      • HVAC (Heating, Ventilation and Air-Conditioning)
      • Machinery
      • Machine Tools, Metalworking and Metallurgy
      • Mining
      • Mining & Metals
      • Paper, Forest Products & Containers
      • Precious Metals
      • Textiles
      • Tobacco
      • Heavy Industry & Manufacturing Overview

      • View All Heavy Industry & Manufacturing

      • Telecomm­unications

      • All Telecomm­unications
      • Carriers and Services
      • Mobile Entertainment
      • Networks
      • Peripherals
      • Telecommunications Equipment
      • Telecommunications Industry
      • VoIP (Voice over Internet Protocol)
      • Wireless Communications
      • Telecomm­unications Overview

      • View All Telecomm­unications

  • Lifestyle & Health
      • Consumer Products & Retail

      • All Consumer Products & Retail
      • Animals & Pets
      • Beers, Wines and Spirits
      • Beverages
      • Bridal Services
      • Cannabis
      • Cosmetics and Personal Care
      • Fashion
      • Food & Beverages
      • Furniture and Furnishings
      • Home Improvement
      • Household, Consumer & Cosmetics
      • Household Products
      • Jewelry
      • Non-Alcoholic Beverages
      • Office Products
      • Organic Food
      • Product Recalls
      • Restaurants
      • Retail
      • Supermarkets
      • Toys
      • Consumer Products & Retail Overview

      • View All Consumer Products & Retail

      • Entertain­ment & Media

      • All Entertain­ment & Media
      • Advertising
      • Art
      • Books
      • Entertainment
      • Film and Motion Picture
      • Magazines
      • Music
      • Publishing & Information Services
      • Radio & Podcast
      • Television
      • Entertain­ment & Media Overview

      • View All Entertain­ment & Media

      • Health

      • All Health
      • Biometrics
      • Biotechnology
      • Clinical Trials & Medical Discoveries
      • Dentistry
      • FDA Approval
      • Fitness/Wellness
      • Health Care & Hospitals
      • Health Insurance
      • Infection Control
      • International Medical Approval
      • Medical Equipment
      • Medical Pharmaceuticals
      • Mental Health
      • Pharmaceuticals
      • Supplementary Medicine
      • Health Overview

      • View All Health

      • Sports

      • All Sports
      • General Sports
      • Outdoors, Camping & Hiking
      • Sporting Events
      • Sports Equipment & Accessories
      • Sports Overview

      • View All Sports

      • Travel

      • All Travel
      • Amusement Parks and Tourist Attractions
      • Gambling & Casinos
      • Hotels and Resorts
      • Leisure & Tourism
      • Outdoors, Camping & Hiking
      • Passenger Aviation
      • Travel Industry
      • Travel Overview

      • View All Travel

  • Policy & Public Interest
      • Policy & Public Interest

      • All Policy & Public Interest
      • Advocacy Group Opinion
      • Animal Welfare
      • Canadian Federal Government
      • Canadian Municipal Government
      • Canadian Provincial Government
      • Corporate Social Responsibility
      • Domestic Policy
      • Economic News, Trends, Analysis
      • Education
      • Environmental
      • European Government
      • FDA Approval
      • Federal and State Legislation
      • Federal Executive Branch & Agency
      • Foreign Policy & International Affairs
      • Homeland Security
      • Labor & Union
      • Legal Issues
      • Natural Disasters
      • Not For Profit
      • Patent Law
      • Public Safety
      • Trade Policy
      • Policy & Public Interest Overview

      • View All Policy & Public Interest

  • People & Culture
      • People & Culture

      • All People & Culture
      • Aboriginal, First Nations & Native American
      • African American
      • Asian American
      • Children
      • Diversity, Equity & Inclusion
      • Hispanic
      • Lesbian, Gay & Bisexual
      • Men's Interest
      • People with Disabilities
      • Religion
      • Senior Citizens
      • Veterans
      • Women
      • People & Culture Overview

      • View All People & Culture

  • Advanced Search
  • Overview
  • Cision Communications Cloud®
  • Monitoring
  • Distribution
  • Multimedia
  • Guaranteed Paid Placement
  • AI Tools
  • IR
  • Become a Client
  • Request a Demo
  • Editorial Bureaus
  • Partnerships
  • General Enquiries
  • Media
  • Worldwide Offices
  • Hamburger menu
  • Cision Canada
  • Send a Release
  • FR
    • Phone

    • 877-269-7890 from 8 AM - 10 PM ET

    • ALL CONTACT INFO
    • Contact Cision

      877-269-7890
      from 8 AM - 10 PM ET

  • Send a Release
  • Sign Up
  • Resources
  • Blog
  • Journalists
  • Webcasts
  • GDPR
  • News in Focus
    • Browse All News
    • Multimedia Gallery
    • Trending Topics
  • Business
    • Auto & Transportation
    • Business Technology
    • Entertain­ment & Media
    • Financial Services & Investing
    • General Business
  • Science & Tech
    • Consumer Technology
    • Energy & Natural Resources
    • Environ­ment
    • Heavy Industry & Manufacturing
    • Telecomm­unications
  • Lifestyle & Health
    • Consumer Products & Retail
    • Entertain­ment & Media
    • Health
    • Sports
    • Travel
  • Policy & Public Interest
    • Policy & Public Interest
  • People & Culture
    • People & Culture
  • Send a Release
  • Sign Up
  • Resources
  • Blog
  • Journalists
  • Webcasts
  • GDPR
  • Overview
  • Cision Communications Cloud®
  • Monitoring
  • Distribution
  • Multimedia
  • Guaranteed Paid Placement
  • AI Tools
  • IR
  • Send a Release
  • Sign Up
  • Resources
  • Blog
  • Journalists
  • Webcasts
  • GDPR
  • Become a Client
  • Request a Demo
  • Editorial Bureaus
  • Partnerships
  • General Enquiries
  • Media
  • Worldwide Offices
  • Send a Release
  • Sign Up
  • Resources
  • Blog
  • Journalists
  • Webcasts
  • GDPR

BMTC GROUP INC. ANNOUNCES FINANCIAL RESULTS FOR THE NINE MONTH PERIOD ENDED OCTOBER 31st, 2023 Français


News provided by

BMTC Group Inc.

Dec 11, 2023, 19:30 ET

Share this article

Share toX

Share this article

Share toX

MONTRÉAL, Dec. 11, 2023 /CNW/ -

Results

For the third quarter ended October 31, 2023, the Company's revenues decreased by $125,902,000 to $444,255,000 compared to $570,157,000 recorded for the period ended October 31, 2022, a 22.1% decrease. Net earnings for the third quarter ended October 31, 2023, amounted to $32,931,000 compared to $28,900,000 recorded for the period ended October 31, 2022. Basic net earnings per share amounted to $1.00 compared to $0.87 recorded for the third quarter ended October 31, 2022.

For the period ended October 31, 2023, the share repurchase program contributed to a decrease of $0.01 on basic net earnings per share. As for the corresponding period of 2022, the share repurchase program had no impact on basic net earnings per share.

During the period ended April 30, 2023, the Company proceeded with the sale of its Montreal distribution center for an amount of $66,500,000 resulting in an after-tax gain of $50,962,000 or $1.54 per basic share.

The variation in adjusted net results would be ($46,931,000) or ($1.42) per basic share for third quarter ended October 31, 2023, as well as the comparable period ended October 31, 2022, are explained as follows:





(Unaudited and $ in thousands) 












October 31, 2023



October 31, 2022











Net earnings





32 931




28 900

Gain on disposal of fixed assets (after-tax)





(50 962)




-

Adjusted net earnings




(18 031)




28 900

Minus: Adjusted net earnings for 2021



28 900















Variation





(46 931)





The variations in net adjusted earnings are allocated as follows:




(Unaudited and $ in thousands)


















Increase





Increase


Increase


 (decrease)





 (decrease)


 (decrease)


in adjusted





in retail operations


in investment


net earnings











As at April 30, 2023



(15 637)


1 885


(13 752)

As at July 31, 2023



(16 237)


5 354


(10 883)

As at October 31, 2023



(11 348)


(10 948)


(22 296)

Total



(43 222)


(3 709)


(46 931)

Annual financial information
($ in thousands, except for per share amounts)





January 31, 2023


January 31, 2022





$


$

Revenue




717 972


819 445

Net earnings



40 838


81 931

Total assets




581 964


549 926








Net earnings per share basic and diluted


1,23


2,43

Dividends per share



0,36


0,34

Financial position and dividends

Cash and investments, net of bank overdraft, increased by $50,477,000 during the third quarter ended October 31, 2023. Investments consist of treasuries bearing interest, government and corporate bonds, common  and preferred shares, which at the close of the quarter had a market value of $270,107,000 (including cash).

As at October 31, 2023, the working capital showed a surplus of $12,596,000, a decrease of $8,970,000 compared to the year ended January 31, 2023. The Company's shareholders' equity increased from $440,899,000 as at January 31, 2023, to $463,041,000 as at October 31, 2023. As at October 31, 2023, the book value per share stood at $14.15 compared to $13.34 as at January 31, 2023.

Pursuant to the normal course issuer-bid put in place on April 15, 2022, and renewed on April 15, 2023, accordingly, 324,350 common shares were repurchased and cancelled by the Company. As a result of this change, the Company had as at October 31, 2023, 32,716,050 common shares issued and outstanding.

During the period ended October 31, 2023, no options were granted. The Company may still grant pursuant to the Plan a total of 5,710,864 options, representing 17.39% of the issued and outstanding shares of the Company.

A semi-annual eligible dividend of $0.18 per Common Share has been declared to holders registered at the close of business on December 20, 2023, which will be paid on January 3, 2024.

Quarterly results *
(Unaudited and $ in thousands, except for per share amounts)




April 30,


April 30,


July 31,


July 31,




2023


2022


2023


2022




$


$


$


$

Revenue



135 102


175 659


169 075


218 939

Net earnings



38 017


807


3 363


14 246

Net basic earnings per share


1,15


0,02


0,10


0,43
























October 31,


October 31,


January 31,


January 31,




2023


2022


2023


2022




$


$


$


$

Revenue



140 078


213 955


147 815


196 658

Net earnings



(8 449)


20 189


11 938


22 580

Net basic earnings per share


(0,25)


0,60


0,36


0,67

For the three month period ended October 31, 2023, the Company's revenues decreased by $35,481,000 to $140,078,000, compared to $175,559,000 recorded for the corresponding 2022 period, a 20.2% decrease.  Net earnings for the three month period ended October 31, 2023, amounted to ($8,449,000) compared to $13,847,000 recorded for the corresponding 2022 period. Basic net earnings per share decreased to ($0.25) compared to $0.42 for the corresponding 2022 period.

For the three month period ended October 31, 2023, the share repurchase program contributed to a decrease of $0.01 on basic net earnings per share. As for the corresponding period of 2022, the share repurchase program had no impact on basic net earnings per share.

The variation in adjusted net earnings would be ($22,296,000) or ($0.68) per basic share for the three month period ended October 31, 2023, as well as the comparable 2022 period, are explained as follows:





(Unaudited and $ in thousands) 












October 31, 2023


October 31, 2022











Net earnings





(8 449)




13 847

Adjusted net earnings





(8 449)




13 847

Minus: Adjusted net earnings for 2021



13 847















Variation





(22 296)





Operations

BMTC Group Inc.

On May 16, 2023, the Company announced the deployment of its Tanguay division across Quebec, with management having identified Tanguay stores as those with the greatest potential for expansion. All Brault & Martineau stores and 3 EconoMax stores have been converted. Following these changes, the Tanguay banner now has 11 new stores in the western part of the province. In addition, the Liquida Meubles banner as well as 3 EconoMax were converted into Tanguay L'Entrepôt. In total, there are 5 Tanguay L'Entrepôt stores across the province to offer clearance furniture as well as new entry-level products. To ensure this deployment, the Company had to close five EconoMax stores, namely those in Kirkland, Sainte-Thérèse, Brossard, Ste-Eustache and LaSalle.

The Company has decided to make significant changes to transform its former Brault & Martineau and EconoMax stores into Tanguay store in order to provide a better product and service offering and a unique customer experience in its market. The renovations to our entire network are valued at $28,000,000. During the period ended October 31, 2023, $14,434,000 of these costs were incurred and the balance will be charged in subsequent periods of the fiscal year ending January 31, 2024.

This decision comes at an opportune time for the Company. The difficulty of obtaining qualified labour, the retail trade which is in constant transformation and evolution, the competition which is now extended across Canada and the United States and the shift towards e-commerce, therefore this decision will allow the Company to be much more agile in its business decisions. We believe that these IT, organizational, structural and commercial changes will enable the Company to exercise leadership in its market, significantly improve its profitability and financial structure and maintain its objectives of increasing its market share in Quebec.

The Company entered into a partnership agreement with Urbania for the development of its property at 500 boulevard Le Corbusier in Laval into several residential rental towers. The Company created a new subsidiary, Le Corbusier-Concorde S.E.C. for this real estate project on January 31st, 2022. This real estate project will begin in the summer of 2024 and will span for a period of 8 to 10 years with the construction of 5 rental residential towers for a total of approximately 1,200 doors.

On February 1, 2023, the Company concluded the sale of its distribution centre in Montreal for an amount of $66,500,000, resulting in an after-tax gain of $50,962,000, or $1.54 per basic share.  The Company will remain a tenant under a 2 year lease with renewal options.

The Company intends to proceed with the real estate development of several rental residential towers on its property located at 125 boul. Desjardins Est in Sainte-Thérèse. This real estate project is currently in the exploratory phase.

Management discussion and outlook for the Future of the Company

The Company continues to focus on online sales by actively pursuing the improvement of its Tanguay digital platform, its live chat initiative with online customers as well as the improvement of our telephone sales department.

It is also Management's opinion that the digital platform of our Tanguay banner is essential in order to allow the Company to increase its market shares as well as to allow customers to start their shopping experience online to then complete their purchases in one of our stores with the help of our sales representatives.

It is difficult to predict the future level of consumer spending, although we are now seeing that the Company's results in the last quarters are not reflecting the performance of the last two years. This downward trend continued in subsequent months. We can therefore expect a significant drop, if the trend continues. This is partly explained by the high rate of inflation in terms of the cost of food, the cost of gas and the rise in interest rates, which has a direct impact on consumer spending. Also, management is aware that the increase in the last two years was partly due to the fact that the Company benefited from a transfer of consumer spending related to the restrictions imposed by the various levels of government due to COVID-19 pandemic, more precisely the restrictions related to travel, the closure of restaurants and all other forms of entertainment in the cultural and sporting world. Since these restrictions are no longer in place, consumer spending has in part transfer back to these types of spending.

Caution regarding forward-looking statements

This press release contains certain forward-looking statements with respect to the Company. These forward-looking statements are identified by the use of terms and phrases such as "anticipate", "believe", "estimate", expect", "intend", "may", "plan", "predict", "project", "will", "would", as well as the opposites of these terms and similar terminology, including references to assumptions.

Forward-looking statements, by their nature, necessarily involve risks and uncertainties that could cause actual results to differ materially from those contemplated by these forward-looking statements. Results indicated in forward-looking statements may differ materially from actual results for a number of reasons, which the Company has identified in the 2023 Annual Information Form under "Narrative Description of the Business - Risk Factors", and other risks detailed from time to time in the Company's continuous disclosure documents.

The reader is cautioned that the factors we refer above are not exhaustive of the factors that may affect any of the Company's forward-looking statements. The reader is also cautioned to consider these and other factors carefully and not to put undue reliance on forward-looking statements.

The Company made a number of assumptions in making forward-looking statements in this press release. The Company considers the assumptions on which these forward-looking statements are based to be reasonable.

These statements reflect current expectations regarding future events and operating performance and speak only as of the date of release of this press release and represent the Company's expectations as of that date. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, other than as required by law.

Non International Financial Reporting Standards (IFRS) financial measures

The Company discloses adjusted net earnings, which includes or excludes certain amounts that are not considered representative of the performance measures and financial recurrence of the Company. Management believes that this measure is useful in understanding and analyzing the operational performance of the Company and that it can provide additional information.

Adjusted net earnings as well as same store revenues are not an earnings measure recognized by IFRS and do not have a standardized meanings prescribed by IFRS. Therefore, adjusted net earnings and same store revenues as discussed in this press release may not be compared to similar measures presented by other issuers. These measures of performance should not be considered as alternatives to indicators of performance calculated according to IFRS, but rather as a source of additional information.

The Company discloses in this press release under the section "Results" a reconciliation between net earnings and adjusted net earnings.

BMTC Group Inc. is a company governed the Business Companies Act (Quebec). Its registered office and principal place of business is located at 8500 Place Marien, Montreal East, Quebec, H1B 5W8. Its common shares are listed on the Toronto Stock Exchange. The structure of BMTC Group Inc. is now formed of the Tanguay division and its subsidiary Le Corbusier-Concorde S.E.C. (collectively designated as the "Company"), manages and operates a retail network of furniture, household appliances and electronic products, in Quebec.

SOURCE BMTC Group Inc.

Marie-Berthe Des Groseillers,President and Chief Executive Officer, Groupe BMTC Inc., (514) 648-5757

Modal title

Organization Profile

BMTC Group Inc.

BMTC Group Inc.

    Also from this source

  • BMTC GROUP INC. ANNOUNCES FINANCIAL RESULTS FOR THE YEAR ENDED JANUARY 31st, 2025

  • BMTC GROUP INC. ANNOUNCES THE RENEWAL OF ITS NORMAL COURSE ISSUER BID TO ACQUIRE COMMON SHARES

  • BMTC GROUP INC. ANNOUNCES FINANCIAL RESULTS FOR THE NINE MONTH PERIOD ENDED OCTOBER 31st, 2024

Contact Cision

  • 866-245-2317
    from 8 AM - 10 PM ET
  • Become a Client
  • Request a Demo
  • Editorial Bureaus
  • Partnerships
  • General Enquiries
  • Media

Products

  • Cision Communications Cloud®
  • Media Monitoring
  • Content Distribution
  • Multimedia Distribution
  • Measurement & Analytics
  • Investor Relations

About

  • About Cision Canada
  • About Cision
  • Media Partners
  • Careers
  • Accessibility Statement
  • APAC
  • APAC - Simplified Chinese
  • APAC - Traditional Chinese
  • Brazil
  • Canada
  • Czech
  • Denmark
  • Finland
  • France
  • Germany
  • India
  • Indonesia
  • Israel
  • Japan
  • Korea
  • Mexico
  • Middle East
  • Middle East - Arabic
  • Netherlands
  • Norway
  • Poland
  • Portugal
  • Russia
  • Slovakia
  • Spain
  • Sweden
  • United States
  • Vietnam

My Services

  • All News Releases
  • Online Member Centre
  • Next Gen Communications Cloud
  • Cision Communications Cloud®
  • my CNW

Do not sell or share my personal information:

  • Submit via [email protected] 
  • Call Privacy toll-free: 877-297-8921

Contact Cision

Products

About

My Services
  • All News Releases
  • Online Member Centre
  • Next Gen Communications Cloud
  • Cision Communications Cloud
  • my CNW
877-269-7890
from 8 AM - 10 PM ET
  • Terms of Use
  • Information Security Policy
  • Site Map
  • Cookie Settings
  • Accessibility Statement
Copyright © 2025 CNW Group Ltd. All Rights Reserved. A Cision company.