Brick group Q3 profits flat at $11.7 million, sales up 4.5 per cent
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Hey there, time traveller!
This article was published 08/11/2006 (6996 days ago), so information in it may no longer be current.
EDMONTON (CP) – Furniture retailer The Brick Group Income Fund (TSX:BRK.UN) reported flat third-quarter profits at $11.7 million in the most recent third-quarter as an expansion of its delivery and distribution network dragged on earnings.
The Brick said its net income per diluted share was steady at 22 cents during the period.
“We’ve shown strong total and same store sales growth over last year. Our rebannering initiative is proving to be the success we anticipated, our remaining core United Furniture stores are operating well and contributing positively to results, and we have now completed the last stage of our distribution centre infrastructure build out with the expansion of our Burnaby, B.C., distribution centre,” president and CEO Kim Yost said in a statement.
“Despite gains on these key fronts, our EBITDA for the third quarter remained relatively flat to prior year, primarily driven by costs associated with the build out of our delivery and distribution
infrastructure.”
Sales and operating revenues improved 4.5 per cent to $337.8 million from a year-earlier $323.4 million as the Edmonton-based company said same store sales growth for the period was 2.9 per cent over the same period last year.
The Brick Group is one of Canada’s largest-volume retailers of household furniture, mattresses, appliances and home electronics, operating under four banners: The Brick, United Furniture Warehouse, The Brick Superstore and The Brick Mattress Store.