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Debenture costs push The Brick into the red

A Brick furniture store sign is seen in Toronto.

STEVE WHITE/Canadian Press

The Brick Ltd. reported a loss in the second quarter, after turning a profit in the same period a year earlier.

The Edmonton-based retailer reported a net loss of $3.1-million or three cents per share for the quarter ending June 30, compared to a net profit of $6.4-million or 12 cents per share in the same period last year.

The company says the loss includes a one-time payment of $17.1-million related to a debenture redemption. Excluding the debenture related costs, The Brick said it earned seven cents per share for the quarter.

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Quarterly revenue was $321.6-million, down from $324.8-million in 2011.

The company also announced a quarterly dividend of 2 cents per share.

The Brick Group is one of Canada's largest retailers of household furniture, mattresses, appliances and home electronics, operating under five banners: The Brick, United Furniture Warehouse, The Brick Mattress Store, and Urban Brick.

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