Latest news with #InuitChildFirst
Yahoo
3 days ago
- Business
- Yahoo
The North West Co Inc (NNWWF) Q1 2025 Earnings Call Highlights: Strong Sales Growth Amidst ...
Consolidated Sales Increase: Up 3.9% for the quarter. Net Earnings Increase: Up 2.2% compared to last year. Same-Store Sales Gains: 4% increase in food sales. Gross Profit Increase: Up 7.2% with a 103 basis point increase in gross profit rate. Expenses Increase: Up 8.7%, including $2.1 million in onetime costs for the Next 100 program. Adjusted Net Earnings: Increased 14.2% excluding share-based compensation and onetime costs. Canadian Operations Sales Increase: Up 2%, with a 5.1% increase in same-store food sales. Canadian Operations Gross Profit Increase: Up 5.1% due to higher sales and changes in sales blend. Canadian Operations EBIT Decrease: Down 6.2% due to higher expenses. Adjusted EBITDA for Canadian Operations: Increased 5.8% excluding onetime costs. International Operations Same-Store Sales Increase: Up 2.8%, with 2.6% in food and 5.2% in general merchandise. International Operations Gross Profit Increase: Up 5.4% due to higher sales and increased gross profit rate. International Operations EBIT Increase: Up 11% for the quarter. Warning! GuruFocus has detected 6 Warning Sign with NNWWF. Release Date: June 11, 2025 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Consolidated sales increased by 3.9% and net earnings rose by 2.2%, building on a strong performance from the previous year. Same-store food sales in Canada saw a 5.1% increase, driven by increased consumer demand from initiatives like the Inuit Child First Initiative. International Operations experienced strong results with same-store sales gains of 2.6% in food and 5.2% in general merchandise. Gross profit dollars increased by 7.2% due to sales gains and a 103 basis point increase in the gross profit rate. The Next 100 program is yielding financial benefits, including more effective promotions and cost savings initiatives. Expenses rose by 8.7% due to higher staff and technology costs, as well as increased depreciation and foreign exchange impacts. The Next 100 program incurred $2.1 million in onetime costs for professional fees, impacting overall expenses. Wildfires in Northern Canada have negatively impacted sales, affecting approximately 10% of the company's sites. Payments from the First Nations drinking water settlement are expected to be slightly less than last year, impacting revenue. The Inuit Child First Initiative funding has been limited, potentially reducing access to nutritious foods and impacting sales. Q: How many communities does North West operate in Northern Canada, and how are they affected by the wildfires? A: North West operates in about 140 communities in Canada. The wildfires have affected roughly 10% of these sites, with sales significantly reduced in the affected areas. However, some stores remain open to service emergency workers and residents still in the community. Q: Are the payments to individuals from the First Nations drinking water settlement less in 2025 than in 2024? A: The growth rate of payments is about on par with last year, but we anticipate that the total payments will be slightly less than in 2024. Q: How is the Inuit Child First Initiative affecting food same-store sales growth? A: The program has slowed down significantly compared to last year, impacting access to nutritious foods. There is ongoing effort to restore the program to its previous state, but no interim measures are currently in place. Q: Can you provide an update on the performance of North Star Air and its impact from the wildfires? A: North Star Air had a good quarter, meeting expectations. The wildfires have not negatively impacted its operations; instead, the airline has been able to assist communities due to its operational flexibility. Q: How should we expect the benefits of the Next 100 program to ramp up, and when will we see a full run rate? A: The program is expected to mature by 2026, with benefits ramping up steadily through the year. By the latter end of 2026, we will be able to provide a more definitive outlook on the program's impact. For the complete transcript of the earnings call, please refer to the full earnings call transcript. This article first appeared on GuruFocus.
CBC
27-03-2025
- General
- CBC
'Headed into a crisis': Nunavut community worried federal food voucher program could end
Social Sharing While many celebrated the federal government's renewal of the Inuit Child First Initiative, some still worry that a vital program for kids in Nunavut is at risk of shutting down. Earlier this month, the federal government allocated a further $121 million to fund the initiative for one more year. That initiative currently covers the hamlet food voucher program in Nunavut, which provides $500 per child for groceries, and another $250 for children under four for formula and diapers. Sindu Govindapillai, a pediatrician in Iqaluit and director of Qupanuaq, which helps administer the Inuit Child First funding in Nunavut, said they haven't received "clear direction" from Indigenous Services Canada about whether the voucher program will continue. "We are quite concerned without any sort of clear directives from ISC (Indigenous Services Canada) at this moment that hamlet food vouchers may be cut or in the best case scenario that there may be a significant lapse in funding," she said. Nunavut has the highest rate of food insecurity in the country, with 76 cent of Inuit over the age of 15 in the territory saying their household was food insecure as of 2021, according to the Nunavut Food Security Coalition. A report released last year from advocacy group Campaign 2000 said 42 per cent of kids under the age of 18 in Nunavut are living in poverty. That's more than double the national average, which is 18 per cent. Govindapillai said 24 of Nunavut's 25 communities have hamlet food voucher programs. She also said they received a notice from Indigenous Services Canada that in order for a hamlet food voucher program to be renewed, hamlets need to provide names, dates of birth and Inuit beneficiary numbers for each child along with individual consent. "You can imagine, at the hamlet level that this would be very challenging to do for the thousands of children that are on the food voucher," she said. She said hamlets are currently putting together applications for renewal, but it's not known if they'll be approved. 'Everyone started depending on it' Carolyn Tapardjuk, the food security co-ordinator in Igloolik, is working to renew that hamlet's program. She said the program has been vital for people in Igloolik, with 1,000 children in the community of 2,000 people using it. She's now working to sign up those children for the program in the hope that it continues. "Everyone started depending on it. If we don't get the funding it's going to be a bit hard for the community to get nutritious food," Tapardjuk said. George Qaunaq, Igloolik's senior administrative officer, said the hamlet used to have a soup kitchen that ran three days a week. Before the food voucher program, Qaunaq said they would regularly run out of meals to feed people at the soup kitchen. "After this [initiative] started, the soup kitchen was running once a week, and they would still have leftovers. That's the kind of impact on the community that this had." Govindapillai said she's also noticed the difference the program has made through her work. "I did a clinic in Igloolik in February and I'm very used to the vast majority of my patients having iron deficiency ... in the midst of the hamlet food voucher program, I had one kid who had iron deficiency." In a statement to CBC News, Indigenous Services Canada said it continues to accept new requests for products, services and supports through the Inuit Child First Initiative. "Individual and group requests for food-related supports can be made. Each new request is being considered on a case-by-case basis," they wrote. Govindapillai said she hopes that communities get answers soon.
