North West Company: Rises on Q2 profit surge, dividend hike

North West

11/09/2020 19:56

** Shares of Canadian retailer  NWC.TO  up 8.5% at C$31.03
in afternoon trade 
    ** Co records Q2 net earnings of C$62.6 mln - over
three-fold rise  urn:newsml:reuters.com:*:nGNX9Q2g5C
    ** Says Q2 sales rose 23% to C$648.5 mln, driven by
COVID-19-related factors including consumer spending changes in
favor of in-community and at-home activities 
    ** Adds that superior in-stock conditions at its Cost-U-Less
stores and lower food prices in northern Canada stores were also
factors in capturing higher share of consumer spending
    ** Co also raises dividend by 9% to C$0.36/shr
    ** Stock up ~14% YTD

 (Reporting by Shradha Singh in Bengaluru)
 ((Shradha.Singh@thomsonreuters.com; within U.S. +1 646 223 8780
Ext: 2804, outside U.S. +91 80 6182 2630;))