Canadian consumers flocked to online shopping as lockdowns to combat the COVID-19 pandemic were instituted, according to a Statistics Canada report.
A new report from the agency found that total retail sales fell by 17.9 per cent as Canadians increasingly sheltered in place between February and May and brick-and-mortar stores closed their doors.
Even so, shoppers rushed to make online purchases, with sales surging 99.3 per cent during the period.
E-commerce sales more than doubled year over year, with a 110.8 per cent increase compared with May 2019.
The report found that all 11 retail subsectors with e-commerce sales saw those sales increase.
The record gains in e-commerce occurred as total retail sales experienced record declines, the report says, with April data showing the most stark contrast. Retail sales that month plummeted to $33.9 billion, down 29.1 per cent from February and 26.4 per cent from the prior year. Meanwhile, e-commerce increased 63.8 per cent in April.
From February to April, only the food and beverage subsector saw an increase in in-store sales, which were up 3.3 per cent, while e-commerce sales surged 107 per cent. In-store sales declined for general merchandise stores, building material and garden equipment and supplies dealers, and health and personal care stores.
Other retail trade subsectors such as furniture and home furnishings stores, sporting goods, hobby, book and music stores, and clothing and clothing accessories stores saw much sharper declines in in-store sales from February to April 2020. As in-store sales decreased for these subsectors, e-commerce sales increased.
COVID-19 has changed how StatsCan collects and assesses data
Statistics Canada said it will continue to update the e-commerce data to assess the long-term changes after the pandemic, noting that as stores reopened in May, the proportion of e-commerce sales was 10 per cent, down from a record high of 11.4 per cent in April.
“Will the COVID-19 pandemic have a lasting impact on the retail trade sector? Small businesses are increasingly turning to e-commerce platforms, and are using these platforms in innovative ways,” the report said.
The new data from Statistics Canada is the latest peek into a changing retail sector, also reflected in two other recent data releases. The consumer price index, released on July 22, suggested that consumer behaviour has shifted so much that it has thrown off the inflation index.
Overall retail sales data for May, released on July 21, indicated that while about 23 per cent of retailers were closed during the month, for an average of five business days, sales are 80 per cent recovered from the worst of the pandemic period.
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.
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.
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.
