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This article was published 6/6/2012 (3427 days ago), so information in it may no longer be current.
WINNIPEG — Winnipeg-based North West Company Inc. has reported a nearly double-digit increase in profit for the first three months of its current fiscal year.
Company officials told the firm’s annual shareholders meeting in Winnipeg today that net earnings for the three-months that ended April 30 jumped by 9.1 per cent to $13.6 million, or 28 cents per share from 26 cents per share in the same period last year.
They attributed the improved performance to better results from both its Canadian and international operations, and to a reduction in Canadian income taxes.
"All of our banners performed above last year in the first quarter, with northern Canada leading the way," said president and CEO Edward Kennedy.
Shareholders were told a 5.6 per cent increase in sales, to $365.5 million, helped to offset a 7.9 per cent hike in expenses.
North West operates 231 stores under a variety of retail banners, including Northern and North Mart stores in Northern Canada, Giant Tiger stores in Western Canada, AC Value Centres in Alaska and Cost-U-Less stores in the South Pacific and Caribbean.