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March 2, 2010

CANADA: Planet Organic sees losses widen

Canadian natural and organic retailer Planet Organic has insisted the business is seeing "positive sales" trends despite recording deeper losses for the fiscal 2010 year so far.

Canadian natural and organic retailer Planet Organic has insisted the business is seeing “positive sales” trends despite recording deeper losses for the fiscal 2010 year so far.

For the six months to 31 December, the firm saw net losses reach C$3.63m (US$3.5m), compared to a net loss of C$3.64m last year.

Sales, however, edged up slightly to C$54.7m from C$54.6m in the previous year.

Executive vice president and co-CEO Darren Krissie said the firm was pleased to be back in “positive growth territory” at its Planet Organic Market and Mrs. Green’s banners following three quarters of nominal sales declines.

“We believe we were both strategic and fortunate that the decreases during the toughest economic conditions in recent memory remained in the very low single digits. The positive sales growth trends are continuing in many individual locations throughout both divisions,” Krissie said.

For the second quarter, sales from continuing operations dropped 2.1% to C$28.1m, while net losses amounted to C$2.8m from C$2.2m in the prior quarter of 2008.

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