Results
For the year ended
For the year ended
The Company met the eligibility criteria for the Canadian Emergency Wage Subsidy (CEWS) during the year ended
The variation in adjusted net earnings would be (
($ in thousands) | |||||||||
Net earnings | 40 838 | 81 931 | |||||||
CEWS (after-tax) | - | (1 441) | |||||||
Adjusted net earnings | 40 838 | 80 490 | |||||||
Minus: Adjusted net earnings for 2022 | 80 490 | ||||||||
Variation | (39 652) |
The variations in net adjusted earnings is allocated as follows:
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 | (6 428) | (8 009) | (14 437) | ||||||
As at | (6 089) | (56) | (6 145) | ||||||
As at | (15 693) | 5 051 | (10 642) | ||||||
Total | (26 540) | (13 112) | (39 652) |
Annual financial information
($ in thousands, except for per share amounts)
$ | $ | |||||
Revenue | 717 972 | 819 445 | ||||
Net earnings | 40 838 | 81 931 | ||||
Total assets | 581 964 | 549 926 | ||||
Net earnings per share basic and diluted | 1,23 | 2,43 | ||||
Dividends per share | 0,36 | 0,34 |
Financial position and dividends
Cash and investments, net of bank overdraft, decreased 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)
2022 | 2021 | 2022 | 2021 | ||||||
$ | $ | $ | $ | ||||||
Revenue | 175 659 | 177 208 | 218 939 | 231 624 | |||||
Net earnings | 807 | 10 479 | 14 246 | 28 683 | |||||
Net basic earnings per share | 0,02 | 0,31 | 0,43 | 0,85 | |||||
2022 | 2021 | 2023 | 2022 | ||||||
$ | $ | $ | $ | ||||||
Revenue | 175 559 | 213 955 | 147 815 | 196 658 | |||||
Net earnings | 13 847 | 20 189 | 11 938 | 22 580 | |||||
Net basic earnings per share | 0,42 | 0,60 | 0,36 | 0,67 |
For the three month period ended
For the three month period ended
The variation in adjusted net earnings would be (
($ in thousands) | |||||||||
Adjusted net earnings | 11 938 | 22 580 | |||||||
Minus: Adjusted net earnings for 2022 | 22 580 | ||||||||
Variation | (10 642) |
Operations
On
This IT standardisation has allowed the Company to create significant operational synergies. We have now completed the merged of our administrative and operational services of Brault &
These important changes come at an opportune time for the Company. The difficulty of obtaining skilled labour, the retail trade that is constantly changing and evolving, the competition that is now spread across
On
The Company entered into a partnership agreement for the development of its property at 500 boulevard Le Corbusier in
The Company concluded on
Management discussion and outlook for the Future of the Company
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 Companies banners.
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.
It is difficult to predict the future level of consumer spending, although we are now seeing that the Company's results in the last quarter are not reflecting the performance of the last two years. This downward trend continued in subsequent months. We can therefore expect a significant drop, if the trend continues. This is partly explained by the high rate of inflation in terms of the cost of food, the cost of gas and the rise in interest rates, which has a direct 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, consumer spending has in part transfer back to these types of spending.
Caution regarding forward-looking statements
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 2023 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.
Non International Financial Reporting Standards (IFRS) financial measures
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