Strong Q4 Financial Performance
Consolidated sales increased by 4.9%, with net earnings rising by 18.9%. Same-store sales increased by 5.5% in food and 5.1% in general merchandise.
Gross Profit and EBIT Growth
Gross profit increased by 9.4% for the quarter, with EBIT rising by 17.5%. The gross profit rate improved by 141 basis points due to changes in the sales blend and effective promotions.
Canadian Operations Success
Canadian operations saw a total sales increase of 2.5% and a 6.7% rise on a same-store basis. Same-store sales in food increased by 7.6% and 3.4% in general merchandise.
International Operations Growth
International sales increased by 3.1%, with same-store sales increases of 2.7% in food and 10% in general merchandise. Favorable economic conditions in the Caribbean contributed positively.
Next 100 Program Impact
The Next 100 operational excellence initiatives started contributing to the bottom line, offsetting some higher costs and leading to benefits that are beginning to ramp up.