Canadian natural products manufacturer, distributor and retailer Planet Organic Health Corp has posted a full-year profit, compared to a loss in the previous year.
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The company, which operates Canada’s leading natural and organic foods supermarket chain, said net income was C$193,606 (US$164,107) for the year ending 30 June 2005, versus a loss of $480,553 for fiscal 2004.
Sales increased to $27.2m for the year, compared to $12.1m for the previous year, driven by acquisitions, store expansions, and same-store sales growth.
“I’m pleased to be able to report that we are now achieving excellent overall results in each division,” said Darren Krissie, CFO. “Our strategy of build-outs and acquisitions will continue to fuel improved earnings and cash flow.”
The Planet Organic Market natural food supermarket division generated 65.6% total growth over last year, which included 23.6% comparative store sales growth.
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By GlobalData“Our growth strategy of acquisitions, renovations and new store developments has proven successful and we’ll continue with it,” added Mark Craft, division president.
Last month Planet Organic Market announced the signing of an offer to lease a second location in Calgary, Alberta. Craft said that the company continues to seek out further growth opportunities in BC, Alberta and Ontario.
