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The North West Company increases dividend to $0.39

The North West Company Inc on Tuesday raised its quarterly dividend to $0.39, or an increase of $0.01 (2.6%) per share, to shareholders of record on September 29th.

The dividend will be paid on October 13th, the company said.

Consolidated sales went up 6.8% year-on-year to $618.1 million in the second quarter ending July 31st, driven by higher same store sales.

Earnings from operations (EBIT) rose 18.6% year-on-year to $54.7 million in the latest quarter, while earnings before interest, income taxes, depreciation and amortization (EBITDA) rose to $80.1 million from $70.4 million in the year-ago quarter.

The company’s net earnings were 17.5% higher from a year earlier to $38.0 million in the second quarter.

“I am pleased with our second quarter results as we continue to take a balanced approach to managing cost inflation pressures while focusing on finding cost efficiencies and productivity gains within our business,” Dan McConnell, President and Chief Executive Officer of The North West Company, said in a press release.

“I am optimistic about the progress we are making on our operational excellence priorities and the growth potential of our business. I also want to acknowledge the many people whose lives have been so negatively affected by the wild fires in northern Canada and I want to thank our front-line associates, the fire fighters and community leaders for their commitment to supporting these impacted communities,” the CEO added.

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