The Brick's Heartland location in Mississauga, December 2, 2010.J.P. MOCZULSKI
The Brick Ltd. says its first-quarter profit was $4.7-million, or 4 cents a share.
The result is a sharp increase from the $3.6-million, or a penny per share, the Edmonton-based company logged in the opening quarter of 2011.
The company says the improvement in net income was driven primarily by improved gross margin along with reduced depreciation and amortization and reduced finance costs.
The Brick says its total system sales, including franchise sales at retail, increased 1.8 per cent in the quarter, with retail and franchise businesses outperforming commercial sales.
Same store sales, including franchise and commercial business, increased 2.2 per cent.
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.