BURNABY – A 55% jump in sales helped to drive up third quarter profits at multi-carrier retailer Glentel.
The Burnaby, BC-based retailer reported consolidated sales for the quarter ended September 30 of $149.74 million, up from $96,880,000 in the same period of 2010, while net income was $8.1 million compared to $6.55 million last year.
Sales of retail mobile phone products and services in Glentel’s Retail Canada division grew 13% to $100.46 million compared to $88.97 million in 2010, while the U.S. division recorded sales of $41.23 million.
"I am pleased to report continued growth of sales and earnings in the third quarter from both the Retail Canada and Retail U.S. divisions despite the delayed release of the iPhone 4S," said president and CEO Thomas Skidmore, in a statement. "Entering the fourth quarter, both Canada and our U.S. operations are experiencing strong iPhone 4S sales as well as strong sales of other popular smartphones such as the newly released Blackberry Bold and Torch."
Quarterly Business Division sales of terrestrial narrowband and broadband radio systems, satellite network services, and implementation services were $8.1 million, up from $7.9 million in the same quarter last year.
