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Losses Accelerate in Q3 for Planet Organic
Natural-products conglomerate Planet Organic here on Monday said overall revenues for the fiscal third quarter increased by 11.5%, but losses accelerated as its stores in the U.S. and Canada saw negative same-store sales growth for the period.
June 2, 2009
1 Min Read
EDMONTON, Alberta — Natural-products conglomerate Planet Organic here on Monday said overall revenues for the fiscal third quarter increased by 11.5%, but losses accelerated as its stores in the U.S. and Canada saw negative same-store sales growth for the period.
The company, which operates 60 stores in Canada and 11 in the U.S., including the Planet Organic and Mrs. Green’s Natural Markets natural food supermarkets, reported a loss of $1.1 million (U.S.) on total sales of about $30.6 million for the quarter, which ended March 31.
The company noted that its losses — up from about $500,000 a year ago — were driven by a strengthening U.S. dollar and by “nominal negative same-store sales” at its natural-food supermarkets.
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