MONTREAL, April 25, 2024 /CNW/ - Results  For the year ended January 31, 2024, the Company's revenues decreased by $139,027,000 to $578,945,000 compared to $717,972,000 recorded for the year ended January 31, 2023, a decrease of 19.4%. This decrease is mainly explained by the following elements. Following the commercial reorganization and deployment of the Tanguay banner in May 2023, as of January 31, 2024, the Company operated 25 points of sale compared to the 30 operated during the previous year. Same-store-sales declined by 17% for the year ended January 31, 2024. In addition, the Company experienced a 20% drop in financed sales compared to the previous year due to the increase in interest rates and the tightening of available credit offered to consumers. Net earnings for the year ended January 31, 2024, amounted to $47,427,000 compared to $40,838,000 recorded for the year ended January 31, 2023. Basic net earnings per share amounted to $1.44 compared to $1.23 recorded for the year ended January 31, 2023. Finally, despite the decrease in revenues, the Company managed to maintain its gross margin by reducing its fixed costs thanks to the synergies created following the operational and commercial reorganization carried out in May 2023 with its Tanguay. For the year ended January 31, 2024, the share repurchase program contributed to an increase of $0.02 on basic net earnings per share. As for the corresponding period of 2023, the share repurchase program contributed to an increase of $0.01 on basic net earnings per share. During the period ended April 30, 2023, the Company proceeded with the sale of its Montreal distribution center for an amount of $66,500,000 resulting in an after-tax gain of $50,962,000 or $1.54 per basic share. The variation in adjusted net earnings for non recurrent elements would be ($44,373,000) or ($1.35) per basic share for year ended January 31, 2024, as well as the comparable period ended January 31, 2023, are explained as follows:                                                                             ($ in thousands) January 31, 2024 January 31, 2023 Net earnings 47 427 40 838 Gain on disposal of fixed assets (after-tax) (50 962) - Adjusted net earnings (3 535) 40 838 Minus: Adjusted net earnings for the previous year 40 838 Variation (44 373) The variations in net adjusted earnings is allocated as follows:                                                         ($ in thousands) Increase Increase Increase  (decrease)  (decrease)  (decrease) in adjusted in retail operations in investment net earnings As at April 30, 2023 (15 637) 1 885 (13 752) As at July 31, 2023 (16 237) 5 354 (10 883) As at October 31, 2023 (11 348) (10 948) (22 296) As at January 31, 2024 (710) 3 268 2 558 Total