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North West Company reports slightly higher profits

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Junior department store operator North West Company Inc. has reported a slightly higher profit for the second quarter of this year.

The Winnipeg-based company said today that net earnings rose by 0.8 per cent to $18.1 million from $18.0 million in the same period in 2012. Earnings per share was unchanged at 37 cents.

Sales for the quarter also improved, climbing by 1.2 per cent to $388.6 million from $383.8 million as sales growth in its international operations more than offset lower sales within its Canadian operations.

"Second quarter results were mixed, with stronger sales numbers in our Giant Tiger and Alaska businesses offset by softer spending in the Canadian north and the Caribbean," North West president and CEO Edward Kennedy said in a written statement. "Our focus in the second half is to improve our sales momentum while we continue to work on our ‘More in Store’ priorities."

The company operates 226 stores in Canada, Alaska, the South Pacific and the Caribbean under the trading names Northern, NorthMart, Giant Tiger, AC Value Center and Cost-U-Less.

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