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June 1, 2010

CANADA: Planet Organic reveals Q3 profit

Debt-laden Canadian natural and organic retailer Planet Organic Health Corp. has booked an underlying third-quarter profit as sales continue to rise.

Debt-laden Canadian natural and organic retailer Planet Organic Health Corp. has booked an underlying third-quarter profit as sales continue to rise.

The company, which last week agreed to sell assets to its creditor to eliminate its debts, booked an adjusted net income of C$1.1m (US$1m) for the three months to the end of March.

On a reported basis, Planet Organic reported a net loss from continuing operations of C$16.7m , although the figure included an impairment charge of C$17.7m.

Sales from continuing operations were C$28.3m, down 3.4%. Removing the impact of foreign exchange, third-quarter sales increased by 4%.

“We are continuing to see sales growth in both our Canadian and US divisions that began in the second quarter,” said executive vice-president Darren Krissie.

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