BMTC GROUP $13.50(Toronto symbol GBT.A; TSINetwork Rating: Extra Risk) (514-648-5757; No website; Shares outstanding: 37.9 million; Market cap: $513.7 million; Dividend yield: 1.8%) has 38 outlets and is one of Quebec’s biggest retailers of furniture, electronics and appliances. The company mainly sells these items through its two affiliates: Brault & Martineau and Ameublements Tanguay.
In March 2012, BMTC introduced a new banner, Economax. The chain’s 11 locations offer lower-priced products. The first four stores are former Brault & Martineau liquidation centres.
In the three months ended December 31, 2015, BMTC’s sales rose 3.9%, to $190.3 million from $183.2 million a year earlier.
The company earned less on its investments and spent more on marketing, renovations and improving its store websites. Overall earnings declined 8.9%, to $16.2 million from $17.8 million.
In July 2015, the company bought back 7.0 million shares at $15.50 each for a total of $108.2 million. With 15% fewer shares outstanding, per-share earnings rose 2.5%, to $0.41 from $0.40.
BMTC’s website and store improvements are a big part of its growth plans. However, the cost of these upgrades—$25.6 million—will weigh on its earnings for the next year or two.
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