BMTC Group, Quebec’s largest full-line furniture retailer, said revenue for the first quarter of grew 3.8%, while ongoing investments in its information technology systems and store interior improvements prompted a small net loss for the period.
For the three months ending March 31, revenue was C$154.9 million, up 3.8% from the C$149.3 million for corresponding period last year. Same store sales were up 1.7%.
The net loss was pegged at C$958,000 or two cents per share, compared to net earnings of C$59,000 in the comparable period, which was break-even on a per-share basis.
In his note to shareholders, Yves Des Groseillers, BMTC chairman, president and CEO, said the company recorded a 10.6% uptick in client orders, or 8.4% on a same-store basis. “The company has grown its market share in spite of a difficult economic context,” he added.
Now that the e-commerce platform for its Brault & Martineau banner is operational, BMTC has started the rebuild the websites for its other banners, which will continue throughout 2016. The cost of this C$10.6 million project, which includes the installation of computer hardware and IT systems to standardize e-commerce strategies across all three banners, will be charged across the 2015 and 2016 fiscal years.
The company is also in the midst of refitting the furniture and consumer electronic departments across its Brault & Martineau banner at an estimated cost of C$15 million.
“The objective of these improvements is to offer our clients a unique shopping experience which will help differentiate us from online shopping,” Des Groseillers said.
As of March 31, BMTC operated 38 stores across Quebec under three different banners: Brault & Martineau, EconoMax and Ameublements Tanguay.