For the year ended
For the year ended
The Company met the eligibility criteria for the Canadian Emergency Wage Subsidy (CEWS) during the quarter ended
The Company has chosen to provide readers in this annual management report the results for the years ended
The variation in adjusted net earnings would be
($ in thousands) | ||||||||
January, 31 | January, 31 | January, 31 | January, 31 | |||||
Net earnings | 81 931 | 54 842 | 36 034 | 45 165 | ||||
Gain on disposal of fixed assets (after-tax) | - | - | (1 048) | (4 522) | ||||
Variation in cost of options (after-tax) | - | - | (87) | (226) | ||||
CEWS (after-tax) | (1 441) | (5 759) | - | - | ||||
Adjusted net earnings | 80 490 | 49 083 | 34 899 | 40 417 | ||||
Minus: Adjusted net earnings for the previous period | 49 083 | 34 899 | 40 417 | 49 513 | ||||
Variation | 31 407 | 14 184 | (5 518) | (9 096) |
The variations in net adjusted earnings is allocated throughout the quarters as follows for the years ended
Increase | ||||||||
Increase | Increase | (decrease) | ||||||
(decrease) | (decrease) | in adjusted | ||||||
in retail operations | in investment | net earnings | ||||||
As at | 5 733 | 15 929 | 21 662 | |||||
As at | 7 524 | 1 580 | 9 104 | |||||
As at | 340 | 2 724 | 3 064 | |||||
As at | 1 419 | (3 842) | (2 423) | |||||
Total | 15 016 | 16 391 | 31 407 | |||||
As at | 784 | (9 695) | (8 911) | |||||
As at | 1 707 | 4 416 | 6 123 | |||||
As at | 7 897 | (1 616) | 6 281 | |||||
As at | 4 905 | 5 786 | 10 691 | |||||
Total | 15 293 | (1 109) | 14 184 |
Increase | ||||||||
Increase | Increase | (decrease) | ||||||
(decrease) | (decrease) | in adjusted | ||||||
in retail operations | in investment | net earnings | ||||||
As at | (5 586) | 1 924 | (3 662) | |||||
As at | (1 681) | (1 772) | (3 453) | |||||
As at | (3 249) | 2 333 | (916) | |||||
As at | 230 | 2 283 | 2 513 | |||||
Total | (10 286) | 4 768 | (5 518) | |||||
As at | 1 934 | (1 815) | 119 | |||||
As at | 1 870 | 1 095 | 2 965 | |||||
As at | (6 242) | 231 | (6 011) | |||||
As at | (6 367) | 198 | (6 169) | |||||
Total | (8 805) | (291) | (9 096) |
Annual financial information
($ in thousands, except for per share amounts)
| Januray 31, |
|
| ||||||||
$ | $ | $ | $ | ||||||||
Revenue | 819 445 | 649 056 | 720 169 | 742 474 | |||||||
Net earnings | 81 931 | 54 842 | 36 034 | 45 165 | |||||||
Total assets | 549 926 | 450 207 | 382 040 | 367 624 | |||||||
Net earnings per share | |||||||||||
Basic and diluted | 2,43 | 1,61 | 1,05 | 1,29 | |||||||
Dividends per share | 0,34 | 0,29 | 0,28 | 0,28 | |||||||
Cash, net of the bank overdraft, and investments increased by
As at
Pursuant to the normal course issuer-bid put in place on
During the year ended
During the fiscal year ended
Quarterly results
($ in thousands, except for per share amounts)
2021 | 2020 | 2019 | 2018 | ||||
Revenue | 177 208 | 100 445 | 150 310 | 162 754 | |||
Net (loss) earnings | 10 479 | (12 427) | (3 455) | 4 806 | |||
Net (loss) earnings per share | |||||||
Basic and diluted | 0,31 | (0,36) | (0,10) | 0,13 | |||
2021 | 2020 | 2019 | 2018 | ||||
Revenue | 231 624 | 175 973 | 215 067 | 220 368 | |||
Net earnings | 28 683 | 19 579 | 13 480 | 16 933 | |||
Net earnings per share | |||||||
Basic and diluted | 0,85 | 0,57 | 0,39 | 0,48 |
2021 | 2020 | 2019 | 2018 | ||||
Revenue | 213 955 | 194 352 | 183 312 | 184 718 | |||
Net earnings | 20 189 | 20 775 | 10 649 | 11 613 | |||
Net earnings per share | |||||||
Basic and diluted | 0,67 | 0,61 | 0,31 | 0,34 | |||
2022 | 2021 | 2020 | 2019 | ||||
Revenue | 196 658 | 178 286 | 171 480 | 174 634 | |||
Net earnings | 22 580 | 26 915 | 15 360 | 11 813 | |||
Net earnings per share | |||||||
Basic and diluted | 0,67 | 0,79 | 0,45 | 0,34 |
For the three month period ended
For the three month period ended
The Company determined that it met the eligibility criteria and applied for the Canadian Emergency Wage Subsidy (CEWS) during the quarter ended
The variation in adjusted net earnings would be (
($ in thousands) | ||||||||
January 31, 2019 | ||||||||
Net earnings | 22 580 | 26 915 | 15 360 | 11 813 | ||||
Gain on disposal of fixed assets (after-tax) | - | - | (1 048) | - | ||||
Variation of cost of options (after-tax) | - | - | - | (14) | ||||
CEWS (after-tax) | - | (1 912) | - | - | ||||
Adjusted net earnings | 22 580 | 25 003 | 14 312 | 11 799 | ||||
Moins: Résultat net ajusté de la période précédente | 25 003 | 14 312 | 11 799 | 17 968 | ||||
Variation | (2 423) | 10 691 | 2 513 | (6 169) |
Brault & Martineau Division
The Brault & Martineau store, at 500 boulevard Le Corbusier in
On
In order to address the devastating effects of COVID-19 and to assure its short and long-term financial health, the Company decided to maintain its operations at a strict minimum level while preserving its presence in our market and controlling its working capital position. The following actions were undertaken by the Company during these last weeks in order to support its operating and working capital objectives:
- Following the closure of our retail sales network on
March 18th, 2020 , the Company temporarily laid off approximately 75% of its personnel, the vast majority stemming from our retail stores. - Our online and delivery services remained operational across
Quebec to ensure the population in confinement the ability to rely on essential goods while respecting government-mandated security protocols. We modified our services to offer contactless home delivery. - During this period, the Company introduced several measures and protocols in preparation for the reopening of our stores across our sales network to ensure and protect the health and security of our employees and our clients. These new measures and protocols will be in effect until the end of the COVID-19 pandemic.
- The Company has also made technological and operational improvements to its sales network. These modifications will allow us to reduce our fixed costs and will contribute to our initiatives of effective cost controls.
- The Company applied for the
Canada Emergency Wage Subsidy given the 30% or more decrease in revenues during the prescribed period (CEWS).
During the first quarter of 2020, the Company had all of its 32 points of sale closed for a period of 43 consecutive days, leaving only online sales operational. The loss of revenues arising from the store closures during this period amounted to
The Company has proactively aligned its cost structure in order to mitigate the loss of revenues incurred during the last fiscal year due to the store closures. The Company intends to maintain these measures throughout the fiscal year 2022, in order to protect the Company's viability and preserve its working capital during these highly uncertain times. Thanks to these new measures the Company believes it will be able to produce positive operating results.
The Company continues to focus on online sales, which experienced a record increase since the start of the pandemic, by actively pursuing the improvement of its digital platforms, its live chat initiative with online customers as well as the improvement of our telephone sales department for all of the
It is also Management's opinion that the digital platforms of our banners are 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.
The Company was able to increase significantly it's revenues during the year ended
Since
On
Complaints about unfairly priced Chinese and Vietnamese-made products have been a long simmering issue in the furniture business. Although, when the Canadian federal government announced it was seeking to level the playing fields with tariffs, everyone in the industry was expecting tariffs in the range of 10 to 20 per cent, similar to what the
It is difficult to predict the future level of consumer spending, although it is quite possible that the Company's future results may not reflect the performance of the last two years. The high level of inflation combined with gas prices will have an 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, we expect consumer spending could transfer back to these types of spending.
Management is confident that the Company's operational efficiency during this crisis, its market leadership and solid financial position will allow us to emerge a stronger organization despite these difficult market conditions and maintain its objectives increasing its market share and profitability in
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 2022 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.
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.
SOURCE
© Canada Newswire, source