Canada’s Brick Rises In Third Quarter

November 5, 2008  by in UnCategorized   

By Home Furnishings Business in Furniture Retailing on November 2008 Canada’s Brick Group reported Wednesday that sales in its third quarter increased 1.5 percent to $380 million (Canadian), and company officials said “challenging economic conditions” has prompted The Brick to cut is monthly distribution in half as net profit decreased 28 percent to $12.4 million.

In a statement, the retailer, which operates 206 stores across Canada (including 31 franchises), said same-store sales were essentially flat during the quarter. It expects its monthly distribution will be cut from 10 cents to 5 cents per unit.

“We believes these strategies are necessary and productive at this time and will help The Brick Group be able to deal with future economic uncertainty,” said Kim Yost, president and CEO. “With the volatility and uncertainty in the economic environment, the management team is singularly focused on driving operating results.”