MONTREAL, June 6, 2024 /CNW/ –
Results
For the first quarter ended April 30, 2024, the Company’s revenues increased by $2,042,000 to $137,144,000 compared to $135,102,000 recorded for the corresponding period of 2023, an increase of 1.5%. Of this increase, $239,000 comes from investment property income from the new real estate division. Therefore, the retail operation revenues of the Tanguay division increased by 1.3%. Same-store-sales increased by 4.3% for the first quarter ended April 30, 2024. Net earnings for the first quarter ended April 30, 2024, amounted to $1,461,000 compared to $38,017,000 recorded for the corresponding period of 2023. Basic net earnings per share amounted to $0.04 compared to $1.15 recorded for the corresponding period of 2023. During the corresponding period of 2023, the Company proceeded with the sale of its Montreal distribution center resulting in an after-tax gain of $50,962,000 or $1.54 per basic share, which explains the significant difference in the Company’s net income for the current year. The operating earnings at the end of the first quarter of 2024 partly reflect the impact of the synergies created following the operational and commercial reorganization carried out in May 2023 with its Tanguay division and will have a greater effect over the next quarters.
For the first quarter ended April 30, 2024, the share repurchase program contributed to an increase of $0.01 on basic net earnings per share. As for the corresponding period of 2023, 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 earnings for non recurrent elements would be $14,406,000 or $0,44 per basic share for first quarter ended April 30, 2024, as well as the comparable period ended April 30, 2023, are explained as follows:
(Unaudited and $ in thousands)
April 30, 2024
April 30, 2023
Net earnings
1 461
38 017
Gain on disposal of fixed assets (after-tax)
–
(50 962)
Adjusted net earnings
1 461
(12 945)
Minus: Adjusted net earnings for the previous year
(12 945)
Variation
14 406
The variations in net adjusted earnings is allocated as follows :
(Unaudited and $ in thousands)
Increase
Increase
Increase
Increase
(decrease)
(decrease)
(decrease)
(decrease)
in investment
in adjusted
in retail operations
in investments
properties
net earnings
As at April 30, 2024
4 867
9 958
(419)
14 406
Annual financial information
($ in thousands, except for per share amounts)