The marked decrease in sales of furniture and household appliances in the establishments of the Tanguay division in recent months, combined with the cost of transforming the network’s stores, considerably affects the performance of the BMTC Group.
Revenue just plunged 23% for the second quarter in a row. The turnover fell to 169 million during the months of May, June and July.
Profits for the quarter fell to just 3.4 million from 14.3 million a year ago. This is the equivalent of a 76% decline.
After identifying Tanguay stores as those with the greatest potential for expansion, the company announced in the spring the deployment of its Tanguay division throughout Quebec.
The cost of renovations and transformation of old Brault stores
Management reiterates that future consumer behavior is difficult to predict and that if the trend continues, a “significant decline” in sales is still possible.
The company points out that the high food inflation rate, the cost of oil and the rise in interest rates are causing consumers to drastically reduce their wallets.
