Results
For the year ended January 31, 2026, the Company's revenues increased by $16,890,000 to $619,591,000 compared to $602,701,000 recorded for the corresponding year of 2025, an increase of 2.8%. This increase is primarily attributable to the growth in commercial revenue from the Tanguay division, whose revenue rose by $20,123,000 or 3.4%. Same-store sales increased by 3.6% during the year. Investment property revenue from the real estate division declined by ($3,233,000) compared with the corresponding year in 2025, representing a decrease of (92.9%).
Net earnings for the year ended January 31, 2026, amounted to $33,557,000 compared to the net earnings of $43,909,000 recorded for the corresponding year in 2025. Basic net earnings per share amounted to $1.05 compared to $1.35 recorded for the corresponding year in 2025.
Adjusted net earnings amounted to $33,557,000 for the year ended January 31, 2026, compared with $34,665,000 for the corresponding year of 2025.
During the year ended January 31, 2025, the Company disposed of assets related to the Tanguay division for a total amount of $13,427,000, resulting in a net gain after taxes of $9,244,000, representing $0.28 per basic share. This amount includes a net gain after taxes of $2,097,000, or $0.07 per basic share, received as an additional settlement following a favorable ruling in connection with the expropriation of the former Kirkland store by the Réseau express métropolitain (REM) in 2019. This amount also includes the sale of its Trois-Rivières store for $4,500,000, resulting in a net gain after taxes of $3,362,000, or $0.10 per basic share. Finally, this amount includes the sale of its Brossard store, an asset classified as held for sale, for $6,510,000, resulting in a net gain after taxes of $3,785,000, or $0.11 per basic share.
The variation in adjusted net earnings related to non-recurring items amounted to ($1,108,000), or ($0.02) per basic share, for the year ended January 31, 2026, compared with the year ended January 31, 2025, as explained below:
($ in thousands)
January 31, 2026
January 31, 2025
Net earnings
33 557
43 909
Gain on disposal of fixed assets (after-tax)
-
(9 244)
Adjusted net earnings
33 557
34 665
Minus: Adjusted net earnings for the previous year
34 665
Variation
(1 108)
The variations in net adjusted earnings is allocated as follows:
($ in thousands)
Increase
Increase
Increase
Increase
(decrease)
(decrease)
(decrease)
(decrease)
in investment
in adjusted
in retail operations
in investments
properties
net earnings
As at April 30, 2025
5 677
(16 773)
(3 298)
(14 394)
As at July 31, 2025
936
6 373
(4 277)
3 032
As at October 31, 2025
(3 786)
7 989
1 297
5 500
As at January 31, 2026
2 305
3 202
(753)
4 754
Total
5 132
791
(7 031)
(1 108)
Retail division
Adjusted net income amounted to $11,250,000, an increase of $5,132,000 compared with the corresponding year in 2025.
During the year ended January 31, 2026, the Company announced its decision to change the way it carries out its distribution and warehousing activities in the Greater Montréal area by outsourcing these functions. This decision resulted in the recognition of severance costs totaling $9,441,000, or $6,939,000 after tax. This expense was offset by the defined benefit pension plans recovery totaling ($9,244,000), or ($6,794,000) after tax.
The positive variation in adjusted net income was primarily driven by sales growth of the Tanguay division, as well as the completion of the network revitalization program in 2025.
Investment division
Adjusted net income amounted to $35,414,000, an increase of $791,000 compared with the corresponding year in 2025. This positive variance is primarily attributable to the favorable performance of the stock markets during the year, which contributed to an increase in the net unrealized gain on financial assets.
Real estate division
Adjusted net loss amounted to ($13,107,000), representing an increase of $7,031,000 compared with the corresponding year in 2025. This variance is primarily attributable to the expansion and optimization work carried out during the year, which led to a temporary increase in operating expenses. The completion of these projects toward year–end should support a gradual improvement in financial performance. During the year ended January 31, 2026, the Company disposed of its former Economax store located in Kirkland for proceeds of $13,400,000, resulting in a net gain after taxes of $2,765,000, which contributed to reducing the adjusted net loss for the year.
Annual financial information($ in thousands, except for per share amounts)
January 31, 2026
January 31, 2025
Revenue
619 591
602 701
Net earnings
