Business

Toronto-area Metro workers ratify second tentative agreement after month-long strike

Published

1 year ago

August 31, 2023

Metro workers from 27 stores in the Greater Toronto Area have a new collective agreement after a month-long strike, the union said.

The workers represented by Unifor voted to ratify a second tentative deal just two days after Metro was granted a temporary injunction restricting secondary picket lines that blocked fresh product deliveries to its stores.

Unifor spokesman Paul Whyte said in a statement that under the new five-year deal, all workers will get an immediate raise of $1.50 an hour.

He said full-time and senior part-time workers will essentially receive a $2-an-hour pay increase within months, as they will get an additional 50 cents in January.

“Workers made it abundantly clear that they needed to see real wage gains in the first year of the agreement to address the affordability issues they currently face, which is exactly what we accomplished in this new contact,” said Unifor Local 414 president Gord Currie in a statement.

More than 3,700 workers had been on strike since July 29 after rejecting the first tentative agreement recommended by their bargaining committee.

Throughout the strike, the workers called for the so-called hero pay they received during the pandemic to return, as well as better working conditions and more full-time jobs.

“This is a historic collective agreement that sets a new bar for grocery store workers,” said Unifor national president Lana Payne.

The union did not release details on what percentage of workers voted in favour of the agreement.

This report by The Canadian Press was first published Aug. 31, 2023.

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Business

Cineplex reports $24.7M Q3 loss on Competition Tribunal penalty

Published

21 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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