North West Co. has announced its financial results for the first quarter. Sales were up, the company reported, with food sales up 3.8 per cent – 2.5 per cent on a same store basis. Gross profit increased 5.6 per cent, driven by higher sales. Net earnings increased $7.7 million or 41.7 per cent to $26.2 million.
“Our remote market same store sales were up a healthy 4.6 per cent and, together with our stabilized air cargo service, they delivered solid bottom line results, net of the non-operating adjustments in the quarter. As expected, the strongest performance came from northern Canada where we are focused on capturing sales and market share within fast-growing local economies tied to natural resources and infrastructure spending,” commented president and CEO Edward Kennedy. “Giant Tiger, on the other hand, was very disappointing, due to margin pressures in food and seasonal general merchandise. We are committed to delivering better returns from these locations and this will be a priority in the second half of 2019 while we continue to invest in our high potential, core areas.”
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