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Total retail and same store sales in December 2009 improved over previous year
EDMONTON, Jan. 7, 2010 /CNW/ - The Brick Group Income Fund (TSX: BRK.UN) (the "Brick Group") today provided an update of its retail sales results for the month of December and the fourth quarter of 2009.
- December 2009 total retail sales increased 9.1% compared to December
- December 2009 retail same store sales increased by 4.9% compared to
- Fourth quarter total retail sales improved significantly, with a
decline of 1.9% compared with declines of 18.7%, 29.3% and 13.8% in
the first, second and third quarters respectively, of 2009.
- In the retail segment, fourth quarter same store sales decline over
the comparable period in 2008 was 7.3% compared with declines of
21.9%, 33.0% and 19.0% in the first, second and third quarters
respectively, of 2009.
- The Brick Group's cash and liquidity position strengthened with zero
borrowings under the GE asset-based credit facility and $68.0 million
undrawn and available for use under this facility at December 31,
- Cash and cash equivalents totaled approximately $18.0 million at
December 31, 2009.
* Figures are preliminary and unaudited and may be subject to change (fourth quarter results have not been finalized).
"I remain extremely pleased with the performance of our team and our ability to execute the plans developed toward the end of the third quarter," said Bill Gregson, President and CEO of the Brick Group. "Our comparative sales trend improved in the fourth quarter, with strong results in December, and margin rates consistent with management's expectations. Same store sales growth of 4.9% in December 2009 represents the first month of comparable sales growth in 17 months."
"The significant improvement in our cash position further demonstrates the diligent efforts of our management team and we are very satisfied with the improvement in the liquidity of the Brick Group."
About the Brick Group
The Brick Group, together with its subsidiaries, is one of Canada's largest volume retailers of household furniture, mattresses, appliances and home electronics, operating under five banners: The Brick, United Furniture Warehouse, The Brick Superstore, The Brick Mattress Store, and Urban Brick. The Brick Group's retail operations are located in British Columbia, Alberta, Saskatchewan, Manitoba, Ontario, Quebec, Prince Edward Island, Nova Scotia, New Brunswick and Yukon. Additionally, the Brick Group services the subdivision, condominium, and high-rise builder market through its corporate sales division.
This news release contains "forward-looking statements" within the meaning of applicable Canadian securities laws, including (but not limited to) statements about the Brick Group's consolidated sales and operating revenue, consolidated EBITDA, consolidated net loss, sales and operating revenue in the financial services and retail segments, same store sales growth and goodwill and indefinite life intangible asset impairment charges for the second quarter of 2009, the financial flexibility and capital resources necessary to manage the business in the current economic environment, and similar statements concerning anticipated future events, results, circumstances, performance or expectations, that reflect management's current expectations and are based on information currently available to management of the Brick Group and its subsidiaries. The words "may", "will", "should", "believe", "expect", "plan", "anticipate", "intend", "estimate", "predict", "potential", "continue" or the negative of these terms, or other expressions which are predictions of or indicate future events and trends and which do not relate to historical matters, identify forward-looking matters. Reliance should not be placed on forward-looking statements because they involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements of the Brick Group to differ materially from anticipated future results, performance or achievement expressed or implied by such forward-looking statements. The Brick Group undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, other than as required by applicable law.
NOT FOR DISTRIBUTION THROUGH U.S. NEWS WIRE SERVICES OR DISSEMINATION
IN THE U.S
SOURCE The Brick Ltd.
For further information: For further information: Bill Gregson, President and CEO, The Brick Group, (780) 930-6300, firstname.lastname@example.org