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Canadian Tire misses quarterly estimates as demand wanes from pandemic high

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Retailer Canadian Tire Corp Ltd missed market expectations for quarterly profit and revenue on Thursday, as consumers spent less on home furnishings and indoor supplies over the summer.

As pandemic-related restrictions eased, Canadians have redirected their attention back to outdoor activities, away from the home-related items they splurged on last summer while they took up new hobbies and revamped their living spaces.

While shoppers returned to the 99-year-old retailer’s SportChek and Mark’s stores, its online business, which had thrived during the lockdowns, took a beating.

E-commerce sales in Canadian Tire’s retail segment fell 2.2% in the third quarter.

Similar to other retailers, Canadian Tire has been spending more to stock up its shelves ahead of the crucial holiday shopping season, as it grapples with increased commodity inflation and rising freight costs.

Chief Executive Greg Hicks said the company was well-positioned to meet the holiday demand, citing its strong inventory.

The company also raised its annual dividend by 10.6% to C$5.20 per share, and resumed its share repurchase plan with a view to buying back up to C$400 million Class A shares by the end of 2022.

The Toronto, Ontario-based retailer’s revenue fell 1.8% to C$3.91 billion ($3.11 billion) in the quarter ended Oct. 2, missing analysts’ estimate of C$3.97 billion, according to Refinitiv IBES.

Excluding items, Canadian Tire earned C$4.20 per share, falling short of estimates of a C$4.30 profit.

($1 = 1.2562 Canadian dollars)

 

(Reporting by Deborah Sophia in Bengaluru; Editing by Krishna Chandra Eluri)

Business

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

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

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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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Thomson Reuters reports Q3 profit down from year ago as revenue rises

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TORONTO – Thomson Reuters reported its third-quarter profit fell compared with a year ago as its revenue rose eight per cent.

The company, which keeps its books in U.S. dollars, says it earned US$301 million or 67 cents US per diluted share for the quarter ended Sept. 30. The result compared with a profit of US$367 million or 80 cents US per diluted share in the same quarter a year earlier.

Revenue for the quarter totalled US$1.72 billion, up from US$1.59 billion a year earlier.

In its outlook, Thomson Reuters says it now expects organic revenue growth of 7.0 per cent for its full year, up from earlier expectations for growth of 6.5 per cent.

On an adjusted basis, Thomson Reuters says it earned 80 cents US per share in its latest quarter, down from an adjusted profit of 82 cents US per share in the same quarter last year.

The average analyst estimate had been for a profit of 76 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:TRI)

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