Posted on March 2, 2007

Planet Organic posts 7.6% jump in 2Q earnings

Acquisitions, same-store sales growth fuel sales rise of $4.6 million

Planet Organic Health Corp. of Edmonton, an integrated natural products company, Friday reported net income of $536,909 during the second quarter of its fiscal year, ending Dec. 31. That’s up 7.6 percent from the second quarter of the previous year.

The company operates eight Planet Organic Market stores in Canada, including two in Edmonton. It also has 50 Sangster’s Health Centres and seven Healthy’s natural health stores.

"Our retail divisions continue to focus on gaining market share," said Darren Krissie, the company’s co-founder and chief financial officer.

Pre-tax income was up 12.8 percent as the company had made no provision for income tax in the earlier quarter.

Sales grew by $4.6 million, to $13.8 million, "driven by acquisitions, store expansions, and same-store sales growth," the company said.

Costs of goods sold grew by $2.8 million while operating expenses grew by $1.6 million.

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