Results
For the three month period ended April 30, 2026, the Company's revenues decreased by ($8,548,000) to $141,576,000 compared to $150,124,000 recorded for the corresponding period of 2025, a decrease of (5.7%). This decrease is primarily attributable to the Tanguay division, whose revenue declined by ($8,853,000) or (5.9%). Same-store sales also decreased by (5.9%) during the period. Revenue from the real estate division increased by $305,000 compared with the corresponding period in 2025.
Net loss for the three month period ended April 30, 2026, amounted to ($2,265,000) compared to the net loss of ($12,933,000) recorded for the corresponding period in 2025. Basic net earnings per share amounted to ($0.07) compared to ($0.40) recorded for the corresponding period in 2025.
For the three month period ended April 30, 2026, there is no adjustment to net income. The change in net income amounted to $10,668,000, representing $0.33 per basic share. This variation, as well as that of the corresponding period, is explained as follows:
(Unaudited and $ in thousands)
April 30 2026
April 30 2025
Net earnings
(2 265)
(12 933)
Minus: net earnings for the previous year
(12 933)
Variation
10 668
The variation in net adjusted earnings is allocated as follows:
(Unaudited and $ in thousands)
Increase(decrease)in retail operations
Increase (decrease) in investments
Increase (decrease)in investmentproperties
Increase(decrease)in adjustednet earnings
As at April 30, 2026
(8 128)
15 356
3 440
10 668
Retail division
Net loss amounted to ($10,797,000), representing a decline of ($8,128,000) compared to the net loss for the corresponding period of 2025.
This variance is primarily attributable to a (5.9%) decrease in sales recorded during the period, as well as higher fixed operating costs resulting from the rollout of outsourced warehousing and distribution activities, a decision announced by management in the year ended January 31, 2026.
The rollout of outsourcing began during the period, marking an important step in the reorganization of the Company's logistics operations. However, the start-up and operating costs associated with this transition have been higher than anticipated. Management is actively working to stabilize these additional costs, although full normalization may extend over several periods.
Investment division
Net income amounted to $8,809,000, an improvement of $15,356,000 compared to the net loss for the corresponding period of 2025. This variance is mainly due to the favorable performance of equity markets during the period, which contributed to an increase in the net unrealized gain on financial assets, compared to a net unrealized loss recorded in the corresponding period of 2025.
Real estate division
Net loss amounted to ($277,000), an improvement of $3,440,000 compared to the net loss for the corresponding period of 2025. This variance is mainly attributable to expansion and optimization work completed in the previous year, which had temporarily increased operating expenses. The completion of these projects, combined with the commencement of leasing activities, contributed to a gradual improvement in the division's financial performance.
Annual financial information($ in thousands, except for per share amounts)
January 31, 2026
January 31, 2025
Revenue
619 591
602 701
Net earnings
33 557
43 909
Total assets
774 236
724 945
Net earnings per share basic and diluted
