WINNIPEG, Manitoba, April 10, 2024 — : The North West Company Inc. today announced its unaudited financial results for the fourth quarter ended January 31, 2024 and released its 2023 Annual Report and Annual Information Form. The Annual Report includes the Company’s Annual Audited Consolidated Financial Statements and Management’s Discussion and Analysis for the year ended January 31, 2024. These documents are available on the Company’s profile on the SEDAR+ website at www.sedarplus.
Interest Expense Interest expense increased 16.7% to $4.9 million compared to $4.2 million last year. The increase in interest expense is due to higher average debt levels related to amounts drawn on revolving loan facilities and an increase in borrowing costs. Selling, Operating and Administrative Expenses Selling, operating and administrative expenses of $613.5 million increased $45.9 million or 8.1% compared to last year and were up 69 basis points as a percentage of sales. The increase in Expenses is mainly due to cost inflation impacts including higher staff costs and fuel-based utility expenses, the impact of foreign exchange on the translation of International Operations Expenses and new stores. An increase in depreciation, the $3.
Net Earnings Consolidated net earnings increased 6.7% to $134.3 million compared to $125.8 million last year. Net earnings attributable to shareholders of the Company were $129.4 million compared to $122.2 million last year and diluted earnings per share were $2.67 per share compared to $2.51 per share last year due to the factors previously noted. Excluding the impact of the share-based compensation and Fox Lake fire loss, adjusted net earnings increased $11.0 million or 8.1% to $147.