From GlobeNewswire: 2024-06-05 11:19:00

North West Company Inc. reported a 4.0% increase in first quarter sales to $617.5 million, driven by same store sales gains and new store impact. Gross profit rose 7.9% to $199.6 million. Earnings from operations increased 17.9% to $39.8 million. Net earnings grew 22.3% to $27.2 million, with diluted earnings per share at $0.53. Adjusted EBITDA increased 11.0% to $70.8 million.

The company uses non-GAAP financial measures such as EBITDA and adjusted EBITDA to provide useful information to investors about its financial performance. Share-based compensation expenses are excluded from adjusted EBITDA and adjusted net earnings. Certain forward-looking statements regarding the company’s performance, strategy, and financial condition were shared in the news release. An archived conference call discussing the quarterly results will be available until July 5, 2024, providing further details on the financial performance.

President & CEO, Dan McConnell, noted the solid same store sales gains as a key factor driving results in the quarter. The Board of Directors declared a quarterly dividend of $0.39 per share to be paid on July 15, 2024, to shareholders of record on June 28, 2024. The company remains focused on Operational Excellence initiatives, maintaining stock levels, and providing value to customers. Sales increased 3.8% on a same store basis compared to last year, with food sales up 3.9% and general merchandise sales up 4.3%. Operating expenses rose 5.7% due to cost inflation impacts, higher wage costs, and new store expenses.



Read more at GlobeNewswire:: The North West Company Inc. Announces First Quarter