June 10, 2010 / 3:51 PM / 8 years ago

UPDATE 1-North West Co Q1 profit up on strong demand in Canada

* Q1 EPS C$0.36 vs C$0.33 yr ago

* Revenue down 2 pct to C$340.1 mln

* Says Caribbean and Pacific continue to be soft areas

June 10 (Reuters) - Food products retailer North West Company Fund’s NWF_u.TO quarterly profit rose 7 percent, helped by a recovery in its northern Canada and Alaska businesses.

For the first quarter ended April 30, net income rose 7 percent to C$17.3 million ($16.6 million). It earned 36 Canadian cents per unit, compared with 33 Canadian cents per unit a year ago.

Revenue fell 2 percent to C$340.1 million. Strong food and general merchandise sales growth in Canada was more than offset by the negative impact of foreign exchange at the company’s international business.

Analysts on average were expecting the company to earn 34 Canadian cents per unit, on revenue of C$339.2 million, according to Thomson Reuters I/B/E/S.

“The soft area for us continued to be tourism-dependent markets in the Caribbean and Pacific,” Chief Executive Edward Kennedy said in a statement.

Shares of the Winnipeg, Manitoba-based company were up slightly at C$19.40 Thursday morning on the Toronto Stock Exchange.

$1=1.043 Canadian Dollar Reporting by Abhiram Nandakumar in Bangalore; Editing by Anne Pallivathuckal

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