Telus is reporting a 10.5% decline in net income for the second quarter, which included costs related to the closure of the 59 Blacks photography stores.
The Vancouver-based telecom had $341 million of net income in the quarter.
That included $59 million of restructuring and similar costs related to both the Blacks closure and its non-core real estate.
Operationally, Telus had a 4.9% increase in adjusted earnings, which rose to $406 million. Revenue was up 5.1% at $3.1 billion — an increase of $151 million from last year.
Telus chief executive and president Joe Natale attributed the company’s ability to attract and keep subscribers to a strategic focus on creating customer loyalty.
“In this very dynamic and competitive Canadian marketplace, Telus’ consistent performance demonstrates how expecting more from ourselves translates into strong results for our customers and shareholders,” Natale said.
The company’s wireless segment accounted for $1.7 billion of revenue, up 7.4% from last year, while the wireline segment — including phone, internet and TV distribution services for homes and business — was up 2.3% to $1.4 billion.
Telus said revenue from wireless data services was up 18%, reflecting a growth in its subscriber base, an increase in higher-priced plans, an expanded network and increased adoption of smartphones and other devices that use wireless data.
Telus had more than 8.3 million wireless subscribers at the end of the quarter, up 3.3% from the same time last year and a net increase of 63,000 from the end of this year’s first quarter.
Revenue from data services over its wireline network increased by 7.8%
In the second quarter of 2014, Telus had $2.95 billion of revenue, $381 million and $387 million adjusted net income.
