Results
For the first quarter ended
For the first quarter ended
The Company met the eligibility criteria for the Canadian Emergency Wage Subsidy (CEWS) during the quarter ended
The variation in adjusted net earnings would be (
(Unaudited and $ in thousands) | ||||||
Net earnings | 807 | 10 479 | ||||
CEWS (after-tax) | - | (1 244) | ||||
Adjusted net earnings | 807 | 9 235 | ||||
Minus: Adjusted net earnings for the previous period | 9 235 | (12 427) | ||||
Variation | (8 428) | 21 662 |
The variations in net adjusted earnings is allocated as follows for the first quarter ended
(Unaudited and $ in thousands) | ||||||||
Increase | ||||||||
Increase | Increase | (decrease) | ||||||
(decrease) | (decrease) | in adjusted | ||||||
in retail operations | in investment | net earnings | ||||||
As at | 1 670 | (10 098) | (8 428) | |||||
As at | 5 733 | 15 929 | 21 662 |
Annual financial information
($ in thousands, except for per share amounts)
$ | $ | |||||
Revenue | 819 445 | 649 056 | ||||
Net earnings | 81 931 | 54 842 | ||||
Total assets | 549 926 | 450 207 | ||||
Net earnings per share basic and diluted | 2,43 | 1,61 | ||||
Dividends per share | 0,34 | 0,29 |
Financial position and dividends
Cash and investments increased by
As at
Pursuant to the normal course issuer-bid put in place on
During the first quarter ended
A semi-annual eligible dividend of
Quarterly results
(Unaudited and $ in thousands, except for per share amounts)
2022 | 2021 | 2021 | 2020 | ||||
Revenue | 175 659 | 177 208 | 231 624 | 175 973 | |||
Net earnings | 807 | 10 479 | 28 683 | 19 579 | |||
Net earnings per share | |||||||
Basic and diluted | 0,02 | 0,31 | 0,85 | 0,57 | |||
2021 | 2020 | 2022 | 2021 | ||||
Revenue | 213 955 | 194 352 | 196 658 | 178 286 | |||
Net earnings | 20 189 | 20 775 | 22 580 | 26 915 | |||
Net earnings per share | |||||||
Basic and diluted | 0,60 | 0,61 | 0,67 | 0,79 |
The Company continues to focus on online sales, which experienced a record increase since the start of the pandemic in 2020, 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.
Since
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 2021 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.
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