TSX-V: POH
EDMONTON
,
April 8
/CNW/ - The ink on the lease is dry and construction crews are waiting for the green light to build out the third Planet Organic Market (POM) store in the Greater
Toronto
Area (GTA).
Ironically, the leasing commitment for this third store comes when the paint is barely cured on the second PMO store. It opened in the same northwest section of the GTA early last month. Sales at POM's second store were so brisk, the quick decision to launch a third store in relatively close proximity was made easy.
"Being able to share costs between two nearby stores in order to reduce operational costs for both is a very attractive proposition," said
Mark Craft
, POM President.
"The two stores will be about four kilometers apart as the organic crow flies and both are in extremely desirable areas for us,"
Mr. Craft
added.
Both of the nearby stores are in densely-populated, affluent neighbourhoods with well-educated residents.
The planned third store is in the suburb of Markham, where the population of 219,202 purchased over
$675 million
of groceries last year. The newly opened second store is in the suburb of Vaughan.
The list of operational savings is long. A major example is the kitchen in the newly completed second store, where the delicious and organic deli foods are created, will now easily serve the planned new store. Staff can also be routed between the two stores, depending on need.
Once all the lease conditions have been waived, construction of this third store is expected to be complete this fall. With this third outlet, there will be a total of 10 POM stores located coast to coast.
The POM division is one of five under the Planet Organic Health Corp. (POH) umbrella.
Darren Krissie
, POH's Vice President of Corporate Development and CFO, said growth like this has been the key to POH's success.
"We didn't reach milestones of having 650 employees and projected revenues this fiscal year of
$100 million
by being timid,"
Mr. Krissie
said. "We are ambitious and prudent, but not timid." (POH's fiscal year ends June 30th.)
About Planet Organic Health Corp.
Planet Organic Health Corp. (TSX-V: POH), is a natural products industry company, comprising manufacturing, distribution and retail. Planet is listed on the TSX Venture Exchange as a Tier One company. Planet operates eight natural food supermarkets throughout
Canada
under the Planet Organic Market banner and eleven natural food supermarkets in the U.S. under the Mrs Green's Natural Markets banner. The Company also operates 48 natural health outlets under the Sangster's Health Centre banner and eight natural health outlets under the Healthy's and Planet Organic Living and Healthy's banners. Another POHC company, Trophic
Canada
, is the country's leading manufacturer of natural supplements. The Company has a total of 64 stores throughout
Canada
and 11 in the U.S.
Certain information included herein is forward-looking. Forward-looking statements include, without limitation, statements regarding the future financial position, business strategy, budgets, projected costs, capital expenditures, financial results, taxes and plans and objectives of or involving Planet. Many of these statements can be identified by looking for words such as "believe", "expects", "expected", "will", "intends", "projects", "anticipates", "estimates", "continues", or similar words and include but are not limited to, statements regarding the accretive effects of the acquisition and the anticipated results and expected benefits of the acquisition upon closing thereof. Planet Organic believes the expectations reflected in such forward-looking statements are reasonable but no assurance can be given that these expectations will prove to be correct and such forward-looking statements should not be unduly relied upon. Forward-looking statements are not guarantees of future performance and involve a number of risks and uncertainties some of which are described in Planet Organic's continuous disclosure documents. Such forward-looking statements necessarily involve known and unknown risks and uncertainties and other factors, which may cause Planet Organic's actual performance and financial results in future periods to differ materially from any projections of future performance or results expressed or implied by such forward-looking statements. Such factors include, but are not limited to: general economic, market and business conditions; industry capacity; competitive action by other companies; refining and marketing margins; the ability of suppliers to meet commitments; actions by governmental authorities including increases in taxes; changes in environmental and other regulations; and other factors, many of which are beyond the control of Planet Organic. Any forward-looking statements are made as of the date hereof and Planet Organic does not undertake any obligation, except as required under applicable law, to publicly update or revise such statements to reflect new information, subsequent or otherwise.
