03:09 PM EDT, 06/05/2024 (MT Newswires) -- The North West Company ( NNWWF ) reported first quarter net earnings increased on higher revenue.

The company, which operates supermarkets in Canada and the Caribbean, said adjusted profit, which excludes the after-tax impact of the share-based compensation costs, increased 13% to $29.4 million, from $26.1 million last year due to due to gross profit and expense factors.

Net earnings attributable to shareholders was $25.5 million, or $0.53 per diluted share, compared with $21 million, or $0.43 per diluted share, in the prior year quarter.

First quarter consolidated sales increased 4% to $617.5 million from $593.6 million last year driven by same store sales gains, one extra day of sales in the quarter as a result of February 29th and the contribution from new stores. Excluding the foreign exchange impact, consolidated sales increased 4.0%, with food sales increasing 3.9% and general merchandise and other sales increasing 4.3% compared to last year. On a same store basis, sales increased 3.8% compared to the first quarter last year with a 4.7% increase in same store sales in Canadian Operations and a 2.5% increase in same store sales in International Operations

The board also declared a quarterly dividend of $0.39, to be paid on July 15.

The North West Company Inc. ( NNWWF ), through its subsidiaries, is a retailer of food and everyday products and services to rural communities and urban neighbourhoods in Canada, Alaska, the South Pacific and the Caribbean.

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