Business

Canadian liquor stores remove Russian vodka from shelves after Ukraine invasion

Published

3 years ago

February 25, 2022

Canadian liquor stores are removing Russian vodka and other Russian made alcoholic beverages from their shelves in an act of condemnation over Moscow’s invasion of Ukraine.

After weeks of warnings from Western leaders, Russia unleashed a three-pronged invasion of Ukraine from the north, east and south on Thursday, in an attack that threatened to upend Europe’s post-Cold War order.

Liquor stores in the provinces of Manitoba and Newfoundland said they were removing Russian spirits, while Ontario, Canada’s most populous province, also directed the Liquor Control Board Of Ontario to withdraw all Russian products.

In Ontario alone, all products produced in Russia will be removed from 679 stores.

“The Newfoundland and Labrador Liquor Corporation, along with other Liquor jurisdictions throughout Canada, has made the decision to remove products of Russian origin from its shelves,” the NLC Liquor Store said in a tweet.

Canada imported C$4.8 million ($3.78 million) worth of alcoholic beverages from Russia in 2021, according to Statistics Canada data. That is down 23.8% from C$6.3 million in 2020. Vodka is the second most popular spirit among Canadian consumers after whisky, Statscan said.

Canadian Prime Minister Justin Trudeau has announced sanctions against Russia, which he said would impose “severe costs on complicit Russian elites” and limit President Vladimir Putin’s ability to continue funding the invasion.

“Ontario joins Canada’s allies in condemning the Russian government’s act of aggression against the Ukrainian people and we strongly support the federal government’s efforts to sanction the Russian government,” Ontario Finance Minister Peter Bethlenfalvy said in a statement.

“The people of Ontario will always stand against tyranny and oppression,” Bethlenfalvy said.

($1 = 1.2700 Canadian dollars)

(Reporting by Ismail Shakil in Bengaluru and Julie Gordon in Ottawa; Editing by Leslie Adler, Bernard Orr)

Business

Cineplex reports $24.7M Q3 loss on Competition Tribunal penalty

Published

18 hours ago

November 6, 2024

Anne Joseph

TORONTO – Cineplex Inc. reported a loss in its latest quarter compared with a profit a year ago as it was hit by a fine for deceptive marketing practices imposed by the Competition Tribunal.

The movie theatre company says it lost $24.7 million or 39 cents per diluted share for the quarter ended Sept. 30 compared with a profit of $29.7 million or 40 cents per diluted share a year earlier.

The results in the most recent quarter included a $39.2-million provision related to the Competition Tribunal decision, which Cineplex is appealing.

The Competition Bureau accused the company of misleading theatregoers by not immediately presenting them with the full price of a movie ticket when they purchased seats online, a view the company has rejected.

Revenue for the quarter totalled $395.6 million, down from $414.5 million in the same quarter last year, while theatre attendance totalled 13.3 million for the quarter compared with nearly 15.7 million a year earlier.

Box office revenue per patron in the quarter climbed to $13.19 compared with $12 in the same quarter last year, while concession revenue per patron amounted to $9.85, up from $8.44 a year ago.

This report by The Canadian Press was first published Nov. 6, 2024.

Companies in this story: (TSX:CGX)

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Business

Restaurant Brands reports US$357M Q3 net income, down from US$364M a year ago

Published

2 days ago

November 5, 2024

Anne Joseph

TORONTO – Restaurant Brands International Inc. reported net income of US$357 million for its third quarter, down from US$364 million in the same quarter last year.

The company, which keeps its books in U.S. dollars, says its profit amounted to 79 cents US per diluted share for the quarter ended Sept. 30 compared with 79 cents US per diluted share a year earlier.

Revenue for the parent company of Tim Hortons, Burger King, Popeyes and Firehouse Subs, totalled US$2.29 billion, up from US$1.84 billion in the same quarter last year.

Consolidated comparable sales were up 0.3 per cent.

On an adjusted basis, Restaurant Brands says it earned 93 cents US per diluted share in its latest quarter, up from an adjusted profit of 90 cents US per diluted share a year earlier.

The average analyst estimate had been for a profit of 95 cents US per share, according to LSEG Data & Analytics.

This report by The Canadian Press was first published Nov. 5, 2024.

Companies in this story: (TSX:QSR)

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Business

Electric and gas utility Fortis reports $420M Q3 profit, up from $394M a year ago

Published

2 days ago

November 5, 2024

Anne Joseph

ST. JOHN’S, N.L. – Fortis Inc. reported a third-quarter profit of $420 million, up from $394 million in the same quarter last year.

The electric and gas utility says the profit amounted to 85 cents per share for the quarter ended Sept. 30, up from 81 cents per share a year earlier.

Fortis says the increase was driven by rate base growth across its utilities, and strong earnings in Arizona largely reflecting new customer rates at Tucson Electric Power.

Revenue in the quarter totalled $2.77 billion, up from $2.72 billion in the same quarter last year.

On an adjusted basis, Fortis says it earned 85 cents per share in its latest quarter, up from an adjusted profit of 84 cents per share in the third quarter of 2023.

The average analyst estimate had been for a profit of 82 cents per share, according to LSEG Data & Analytics.

This report by The Canadian Press was first published Nov. 5, 2024.

Companies in this story: (TSX:FTS)

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