BURNABY, B.C. – Revenue, operating income and net income all rose in the second quarter for wireless retailer Glentel.
Consolidated sales for the three months ended June 30, 2010 grew 16% compared to the second quarter of 2009, to $79 million while income before interest, taxes and amortization for the three months was $7.7 million, a 43% increase. compared to $5,408,000 in 2009. Operating income and net income also rose significantly.
"We are delighted with the significant growth in our net income for the quarter," stated Thomas Skidmore, Glentel’s president and CEO. We continue to grow in sales and profitability in both our retail and business divisions.
“In particular, our retail store sales grew 20% in the 2nd quarter and same store sales increased 10% compared to the same period last year. Smartphones continue to be very popular with our customers. The new iPhone4 will be available in our retail stores nationally on Friday, July 30. We are also pleased to welcome "chatr" today to our stable of brands – Rogers, Fido, Bell, Virgin and Solo – as our 6th carrier brand available in all stores operated by Glentel. With our strategic positioning in the mall marketplace and the Costco channel, and with the ongoing consumer interest in new smartphone releases, we look forward to a strong second half 2010."
Glentel has a business services division but it is perhaps best known as an operator of over 280 retail locations across Canada under the trading names Glentel Wireless, WirelessWave, The Telephone Booth (Tbooth and la cabine T) and Wireless etc.
