WINNIPEG – The North West Company Inc. (TSX:NWC) reported a small increase in net earnings for its third quarter on improved sales and margins.
The retailer said Wednesday its profits increased 1.3 per cent to $17.4 million for the three months ended Oct. 31, but were flat on a per share basis at 36 cents.
Sales increased to $387.2 million from $377.7 million in the year-ago period as same-store sales growth and new store sales in its international operations more than offset store closures in Canada in the fourth quarter of 2012.
Excluding the foreign exchange impact, sales increased 0.8 per cent and were up 2.3 per cent on a same-store basis.
Food sales increased 1.6 per cent and were up 2.5 per cent on a same-store basis, while general merchandise sales decreased 1.7 per cent overall and 1.3 per cent on a same-store basis.
The North West Company Inc. sells food and everyday products and services in Canada, Alaska, the South Pacific and the Caribbean.
The company operates 226 stores under several banners including Northern, NorthMart, Giant Tiger, AC Value Center and Cost-U-Less.