Meijer Inc. said its shares were trading up after the company reported a fourth quarter profit of $8.8 million.
The stock is up about 2% this year.
The company said it has increased its net income to $9.5 million for the quarter ending Dec. 31 from $6.7 million a year ago.
“Our strong performance in the first quarter and strong outlook for the second quarter reflect the broadening customer base we have for products, services and our expansion plans across multiple markets,” said Chief Executive Officer James S. Schieber.
“In the U.S., we continue to be the No. 1 distributor for all consumer brands.
We continue to provide our customers with a high-quality, convenient, easy-to-use digital mail service that we believe is a significant part of their daily lives.
In Canada, we continue our aggressive strategy of expanding our presence in the country with a global footprint in the mailroom, to include delivery services, and in the consumer and retail markets.”
In Canada the company now has 7,000 employees and plans to increase that number to 25,000 by the end of the year.
“Canada remains an important market for us and continues to deliver excellent value and service for our customers,” said Schiebers Vice President of Marketing and Communications John Schiebr.
“As a result, we are very excited about the prospects of the next quarter, which is the largest we have ever reported and the strongest quarter we have had in almost a decade.”
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