Edmonton Furniture Stores

Brick turns Q1 profit on financial services division as sales decline

EDMONTON - Furniture and electronics retailer The Brick Ltd.'s first-quarter net profit of $1.1 million reversed a year-earlier loss of $113.3 million on continued strong earnings from its financial services division as it reported audited financial results.

The report was essentially in line with a preliminary results report issued a week earlier.

The Edmonton-based company said its earnings amounted to one cent per share and compared to a loss of $2.05 per share in the same period of 2010, when The Brick (TSX:BRK) recorded a one-time charge of $112.7 million related to the change in fair value of warrants.

Consolidates sales at corporate and franchise stores in the first quarter were down 3.5 per cent to $332.1 million, while same-store sales down 5.3 per cent.

The Brick's retail segment reported a loss of $3.4 million during the period. Earnings at the financial services division were $4.5 million.

On June 7, the company reported consolidated net profit before income taxes was $2.4 million. That compared with a loss of $114.4 million in the same quarter of 2010, the company said.

Sales in the latest quarter fell to $293.6 million from $306.3 million.

The huge loss in the 2010 quarter included a charge of $112.7 million related to the change in fair value of warrants as a result of the adoption of new International Financial Reporting Standard accounting rules.

Excluding the impact of this charge, the 2010 first quarter loss before income taxes would have been $1.7 million — an improvement of $4.1 million in profitability.

The Brick also reported it had $111 million in cash at the end of May, more than double the $45.2 million it had a year earlier.

The Brick Group is one of Canada's largest volume retailers of household furniture, mattresses, appliances and home electronics, operating under five retail banners.

A Basic Guide To Shopping For Furniture

For new home-owners and those who are looking to redecorate their homes alike, shopping for furniture is an exciting task, but can become overwhelming if a thorough plan is not laid out beforehand. There are so many different variations when it comes to interior decor pieces, in every color and style. The first thing to ascertain is therefore, the overall style of the space or apartment that is being furnished.

Those with a more contemporary style flair will often prefer a minimalist space, which avoids clutter and uses simple colorings to accentuate the shape and openness of the space. If the space is relatively small, settling for a minimalist look may be the best option, to avoid clutter and overcrowding. Colors like white, stone, tan and sand, are often used in minimalist design, to reflect light and create an illusion of space.

Minimalist furniture is often simple and symmetrically shaped, using gentle contours and lines to make bold statements. The phrase, "less is more", applies to this design style, which means selecting a few pieces such as a couch, a coffee table and a lampshade, and spreading them throughout the room where they become focal points of the space. A retro feel can be added to this style by selecting pieces that are brightly colored usually with only one or two shades.

On the other hand, there are those inhabitants who prefer to be surrounded by a living space that is filled to the brim with unusual ornamentation and quirky design pieces. This kind of eclectic style is expressed through pieces which are somewhat disjointed or awkwardly positioned. Those with a taste for a more eclectic flair, are usually anti-traditionalist, and prefer to collect pieces of any shape, color or style.

Eclectic pieces can be bought from thrift stores, antique shops and second-hand stores, where it is often possible to find old, yet valuable pieces. These can include whitewashed picture frames and tattered/frayed sofas which have been well maintained but have a weathered look about them. The options for this design style are seemingly endless.

Others may wish to create a space that reflects the culture or style of a certain country. Asian-styled design is a popular example of this and includes pieces which are red, black and forest-green in colour, to reflect a more traditional sense of style. It is important for these decorators to research the style in order to create an authentic feel.

In an Asian-styled space, an emphasis may be placed on fabrics and the Eastern materials used for curtains, sofa pillows or throw blankets. These elements can be easily and affordably replaced each season, to highlight a particular Asian theme, by including pillows with different motifs and symbols on a sofa for example.

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