Dividend News Release >>> WINNIPEG, Manitoba, June 08, 2022 (GLOBE NEWSWIRE) -- The North West Company Inc. (the "Company" or "North West") today reported its unaudited financial results for the first quarter ended April 30, 2022. It also announced that the Board of Directors has declared a dividend of $0.37 per share to shareholders of record on June 30, 2022, to be paid on July 15, 2022.
“I am pleased with our performance in a difficult environment and following two years of exceptional pandemic-related sales and earnings gains,” said President and CEO Dan McConnell. "Our year over year sales remained strong as we retained customer business in the communities we serve despite substantially lower COVID-related support payments and fewer travel restrictions compared to last year. Our margins declined because of a change in sales mix and due to inflationary cost pressures that were not fully passed through in retail prices as we balance competitive factors and rapidly changing economic conditions. At the bottom line, our profitability was lower than last year but meaningfully above pre-pandemic levels. Looking ahead, we are optimistic about the strength of our business and the opportunities for growth through new stores, products and services across our Canadian and International Operations.”