MONTREAL, June 8, 2026 /CNW/ -
Results
For the three month period ended April 30, 2026, the Company's revenues decreased by ($8,548,000) to $141,576,000 compared to $150,124,000 recorded for the corresponding period of 2025, a decrease of (5.7%). This decrease is primarily attributable to the Tanguay division, whose revenue declined by ($8,853,000) or (5.9%). Same-store sales also decreased by (5.9%) during the period. Revenue from the real estate division increased by $305,000 compared with the corresponding period in 2025.
Net loss for the three month period ended April 30, 2026, amounted to ($2,265,000) compared to the net loss of ($12,933,000) recorded for the corresponding period in 2025. Basic net earnings per share amounted to ($0.07) compared to ($0.40) recorded for the corresponding period in 2025.
For the three month period ended April 30, 2026, there is no adjustment to net income. The change in net income amounted to $10,668,000, representing $0.33 per basic share. This variation, as well as that of the corresponding period, is explained as follows:
(Unaudited and $ in thousands) |
||||||||||||
April 30 2026 |
April 30 2025 |
|||||||||||
Net earnings |
(2 265) |
(12 933) |
||||||||||
Minus: net earnings for the previous year |
(12 933) |
|||||||||||
Variation |
10 668 |
|||||||||||
The variation in net adjusted earnings is allocated as follows:
(Unaudited and $ in thousands) |
||||
Increase |
Increase |
Increase |
Increase |
|
As at April 30, 2026 |
(8 128) |
15 356 |
3 440 |
10 668 |
Retail division
Net loss amounted to ($10,797,000), representing a decline of ($8,128,000) compared to the net loss for the corresponding period of 2025.
This variance is primarily attributable to a (5.9%) decrease in sales recorded during the period, as well as higher fixed operating costs resulting from the rollout of outsourced warehousing and distribution activities, a decision announced by management in the year ended January 31, 2026.
The rollout of outsourcing began during the period, marking an important step in the reorganization of the Company's logistics operations. However, the start-up and operating costs associated with this transition have been higher than anticipated. Management is actively working to stabilize these additional costs, although full normalization may extend over several periods.
Investment division
Net income amounted to $8,809,000, an improvement of $15,356,000 compared to the net loss for the corresponding period of 2025. This variance is mainly due to the favorable performance of equity markets during the period, which contributed to an increase in the net unrealized gain on financial assets, compared to a net unrealized loss recorded in the corresponding period of 2025.
Real estate division
Net loss amounted to ($277,000), an improvement of $3,440,000 compared to the net loss for the corresponding period of 2025. This variance is mainly attributable to expansion and optimization work completed in the previous year, which had temporarily increased operating expenses. The completion of these projects, combined with the commencement of leasing activities, contributed to a gradual improvement in the division's financial performance.
Annual financial information
($ in thousands, except for per share amounts)
January 31, 2026 |
January 31, 2025 |
||||||
Revenue |
619 591 |
602 701 |
|||||
Net earnings |
33 557 |
43 909 |
|||||
Total assets |
774 236 |
724 945 |
|||||
Net earnings per share basic and diluted |
1,05 |
1,35 |
|||||
Dividends per share |
0,36 |
0,36 |
|||||
Financial position and dividends
Cash and investments, net of bank overdrafts, increased by $23,221,000 during the three month period ended April 30, 2026. This increase is mainly driven by unrealized gains recorded on investments. Investments consist mainly of interest-bearing cash, common and preferred shares, which, as at the end of the three month period ended April 30, 2026, had a market value of $229,947,000 (including cash net of bank overdraft).
As at April 30, 2026, working capital was in a deficit position of ($11,520,000), representing an increase in the deficit of $9,077,000 compared to January 31, 2026. Although the Company has a working capital deficit, it had an unused line of credit as at April 30, 2026, as well as interest-bearing cash within its investment portfolio. Management believes that these resources are sufficient to meet its liquidity needs and short-term financial obligations. Shareholders' equity decreased from $584,415,000 as at January 31, 2026 to $581,567,000 as at April 30, 2026. As at April 30, 2026, the book value per share was $18.28, compared to $18.35 as at January 31, 2026.
Pursuant to the normal course issuer-bid put in place on April 15, 2025, and renewed on April 15, 2026, accordingly, 43,100 common shares were repurchased and cancelled by the Company. As a result of this change, the Company had, as at April 30,2026, 31,810,500 common shares issued and outstanding.
For the three month period ended April 30, 2026, no options were granted. The Company may still grant pursuant to the Stock Option Plan a total of 5,710,864 options, representing 17.95% 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 June 19, 2026, which will be paid on June 26, 2026.
Quarterly results
(Unaudited and $ in thousands, except for per share amounts)
April 30, |
April 30, |
July 31, |
July 31, |
||||||
2026 |
2025 |
2025 |
2024 |
||||||
Revenue |
141 576 |
150 124 |
179 251 |
169 394 |
|||||
Net earnings |
(2 265) |
(12 933) |
17 037 |
19 464 |
|||||
Net basic earnings per share |
(0,07) |
(0,40) |
0,53 |
0,60 |
|||||
October 31, |
October 31, |
January 31, |
January 31, |
||||||
2025 |
2024 |
2026 |
2026 |
||||||
Revenue |
145 349 |
143 781 |
144 867 |
152 382 |
|||||
Net earnings |
10 209 |
8 494 |
19 244 |
14 490 |
|||||
Net basic earnings per share |
0,32 |
0,26 |
0,60 |
0,45 |
|||||
Operations
Management is pleased to announce that Mrs. Vanessa Tremblay, Financial Director of BMTC, is promoted to Chief Financial Officer (CFO) of BMTC. Mrs. Tremblay succeeds Mrs. Sylvie Bélanger, who announced her retirement.
Retail division (Tanguay)
During the year ended January 31, 2026, the Company completed its expansion project of its Quebec distribution centre, which will increase available square footage while improving operational efficiency and optimizing logistics processes. Costs related to this expansion totaled $6,500,000, which is $1,000,000 less than the initially budgeted $7,500,000.
During the year ended January 31, 2026, the Company also announced its decision to modify the methods by which it carries out its distribution and warehousing activities in the Greater Montréal area and, accordingly, to outsource these activities.
Real estate division
As part of its long-term growth strategy and commitment to sustainable value creation, the Company undertook a strategic diversification into the real estate sector during the past years. The strategy includes the development of investment properties, strategic site repurposing, and the selective acquisition of assets with strong long-term value potential.
On April 15, 2024, the Company acquired the distribution centre located in Terrebonne for $96,000,000, including a sale-leaseback agreement with RONA. During the previous year, it completed expansion and optimization work totaling $48,935,000, aimed at improving operational efficiency and the property's rental value. Following the decision to outsource distribution and warehousing activities, management reassessed the intended use of a portion of this asset, which resulted in its reclassification, as at January 31, 2026, from investment property to property, plant and equipment, at a carrying amount of $104,030,000.
The Company started the development and construction of its property at 500 boulevard Le Corbusier in Laval into several residential rental towers. The Company intends to finance this real estate project at 75% with a long-term mortgage. The estimated value of the entire project is approximately $600,000,000. The Company created a new subsidiary, Le Corbusier-Concorde S.E.C. for this real estate project on January 31, 2022. The real estate project was initially expected to be launched in the summer of 2025; however, delays were encountered in obtaining the required authorizations. During the year ended January 31, 2026, significant progress was achieved, including approval of the project by the executive committee of the City of Laval and the issuance of demolition permits for the existing building. Management anticipates that construction will begin during the summer of 2026. The project contemplates the construction of five rental residential towers totaling approximately 1,200 units, over a period of 8 to 10 years.
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. We are currently evaluating the initial budget estimates and financial models to complete the project's profitability analysis. At the same time, the Company has initiated preliminary steps with the City of Ste-Thérèse, with a view to proactive planning aimed at optimizing completion times. Following the profitability analysis and the conclusion of an agreement with a potential developer, the Company should be able to announce the details of this real estate project during the coming quarters.
These investments are part of the Company's strategy to increase the value of its real estate assets while generating new sources of recurring revenue.
Management discussion and outlook for the Future of the Company
In a constantly evolving retail environment, forecasting consumer behaviour is an increasing challenge. Preferences shift rapidly, economic conditions influence both purchasing power and willingness to spend, and consumption habits are increasingly migrating toward digital channels.
Despite these uncertainties, management believes that the Company succeeds in setting itself apart through a set of complementary strengths. Its well-established brand image, widely recognized customer service quality, and its network of stores and distribution across Québec ensure strong local presence. In addition, its continuously improving digital platform enables it to respond effectively to the evolving expectations of consumers. This combination of factors allows the Company to maintain a solid market position and stable performance, even in a complex and ever-changing commercial environment.
The diversification into the real estate sector, although outside the Company's core operations, presents natural synergies with its retail network, particularly in asset management and the generation of stable cash flows. Management believes that this diversification will enhance the Company's financial resilience, create new growth levers, and reduce its reliance on the retail sector.
Management intends to continue its growth and performance initiatives; however, it will adopt a prudent approach in light of the results recorded during the period and the slowdown in sales within its Retail division.
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 2026 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 elements that are not considered representative or recurrent 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 Annual Management Report 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 Annual Management Report 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 is located at 4 Place Ville-Marie, 4th, floor, suite 400, Montreal, Quebec, H3B 5G9. Its common shares are listed on the Toronto Stock Exchange. The BMTC Group Inc. is now formed of the Tanguay division and its subsidiaries Le Corbusier-Concorde S.E.C., Commandité Le Corbusier-Concorde Inc. and 9519-2340 Québec Inc. (collectively designated as the "Company"). The Company manages and operates a retail network of furniture, household appliances and electronic products, in Quebec, while also overseeing the management of its real estate division.
SOURCE BMTC Group Inc.
Information: Marie-Berthe Des Groseillers, President and Chief Executive Officer, Groupe BMTC Inc., (514) 648-5757
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