MONTRÉAL, Sept. 12, 2024 /CNW/ -
Results
For the six month period ended July 31, 2024, the Company's revenues increased by $2,361,000 to $306,538,000 compared to $304,177,000 recorded for the corresponding period of 2023, an increase of 0.8%. Of this increase, $1,607,000 comes from investment property income from the new real estate division. Therefore, the retail operation revenues of the Tanguay division increased by 0.2%. Same-store-sales increased by 2.2% for the six month period ended July 31, 2024. Net earnings for the six month period ended July 31 ended April 30, 2024, amounted to $20,925,000 compared to $41,380,000 recorded for the corresponding period of 2023. Basic net earnings per share amounted to $0.64 compared to $1.25 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 should have a greater effect on the yearly financial results of January 31, 2025.
For the six month period ended July 31, 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 July 31, 2024, the Company disposed of fixed assets in the amount of $6,948,000, resulting in an after-tax gain of $5,459,000, or $0.17 per basic share. This amount includes an after-tax gain of $2,097,000, or $0.06 per basic share, received as an additional settlement obtained by winning the case relating to the expropriation of the former Kirkland store by the Réseau express métropolitain (REM) in 2019. Finally, this amount also includes the sale of its Trois-Rivières store for an amount of $4,500,000, resulting in after-tax gain of $3,362,000, or $0.01 per basic share.
During the corresponding period of 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-recurring elements would be $25,048,000 or $0.77 per basic share for six month period ended July 31, 2024, as well as the comparable period ended July 31, 2023, are explained as follows:
(Unaudited and $ in thousands)
July 31, 2024
July 31, 2023
Net earnings
20 925
41 380
Gain on disposal of fixed assets (after-tax)
(5 459)
(50 962)
Adjusted net earnings
15 466
(9 582)
Minus: Adjusted net earnings for the previous year
(9 582)
Variation
25 048
The variations in net adjusted earnings is allocated as follows :
(Unaudited and $ in thousands)
Increase
Increase
Increase
Increase
(decrease)
(decrease)
(decrease)
(decrease)
immeubles de
In adjusted
In retal operations
In
investments
In investmentproperties
net earnings
As at April 30, 2024
4 867
9 958
(419)
14 406
As at July 31, 2024
6 653
4 455
(466)
10 642
Total
11 520
14 413
(885)
25 048
Annual financial information($ in thousands, except for per share amounts)
