Brick Group 2Q Sales Up 6.8%

August 9, 2006  by in UnCategorized   

By Home Furnishings Business in on August 2006 The Brick Group Income Fund, parent company of Canada’s largest furniture retailer, The Brick, based in Toronto, reported second quarter 2006 sales of $313.1 million, a 6.8 percent increase over the same period last year.

A retail sales increase of $17.1 million drove the growth. Same-store sales were up 4.1 percent overall in the second quarter. The Brick, The Brick Superstore and The Brick Mattress Store units increased same-store sales sales 3 percent, 5 percent overall. Same-sales at United Furniture stores were up 18.1 percent, 22.3 percent overall.

Franchised locations were up 55 percent in sales, driven primarily by the addition of seven new stores that have opened since second-quarter 2005.

Earnings before taxes, amortization and depreciation in the second quarter of this year stood at $16.4 million, compared to $15.8 million the prior year.

Year-to-date, sales are up 11.6 percent compared to the first six months of 2005.

“For the first half of 2006, we have grown same store sales by 7.9 percent and reported EBITDA by $5.1 million, or 24 percent over the same period last year,”

said President and Chief Executive Officer Kim Yost in a release discussing results.

“We are pleased with our results to the end of June 30, 2006,” Yost said. “We’ve accomplished much in these first six months of 2006, and we believe we are well-positioned for the balance of 2006 to deliver strong results.”