From Home Furnishing Business
Financial Business Makes First Quarter Profit for Brick Group
By Home Furnishings Business in Furniture Retailing on May 2007
Strong margings in its financial services business helped The Brick Group Income Fund overcome losses in its retail operations for a strong first-quarter 2007.
Overall, the Edmonton, Alberta-based owner of retail chains The Brick and United Furniture Warehouse, reported first-quarter 2007 sales of C$327.4 million and net income of C$2.7 million, respective increases of 10 percent and 23.4 percent over the same period last year.
While first-quarter sales for The Brick Groups retail segment were up 9.1 percent, compared to the prior year period, to C$315.9 million, net losses for the store operations were C$4.1 million. The Brick Groups retail segment lost C$3.1 million in first-quarter 2006.