North West Company reports record profit
Net profits up 12 per cent from 2012
The North West Company, owner of Northern, NorthMart and Giant Tiger stores, is reporting a record trading profit in 2012 of $134.3 million.
Its reported net profits rose to $65 million last year — up 12 per cent from the year before.
The company's annual report, published this month, attributes some of the profits to more efficient delivery of perishable goods, and less spoilage.
It also mentions significant savings in freight costs to Baffin Island due to re-routing.
As with Nutrition North freight subsidies, the company said the savings were passed on to customers.
The company’s shares on the Toronto Stock Exchange reached a high of $24.70 Wednesday.
The North West Company is valued at over $1 billion.
Besides the Canadian North, the company has stores in the South Pacific and the Caribbean.