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Eateries feeling the effects of GRT union strike

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KITCHENER —
As employees struggle to get to work and customers struggle to get around, some businesses in Waterloo Region are feeling the effects of the Grand River Transit employee strike.

Negotiators from the region and the union will head back to the bargaining table on Tuesday. While the strike has been a boom for alternative transportation companies, others whose customers rely on transit say a resolution can’t come soon enough.

In Hespeler, The Village Eatery says its sales are down 20 per cent this week, one of its slowest they’ve had since opening. They’re not on the brink of bankruptcy, but they’re certainly feeling the pinch.

“I’m missing out, especially in the middle of the afternoon, lots of people coming in to grab a wrap or a rice plate or a burger,” says owner Steve Galloway.

He says his regulars are now spending their lunch money on transportation to get to work.

Nearby businesses rely on foot traffic for their lunch rush.

In Kitchener, Moose Winooski’s is eating some costs of the strike, too, but for a different reason.

It’s not because customers aren’t coming in, but employees are having a hard time getting to work.

“Over the week I’ve probably spent almost $200,” says employee Suli Zhou.

She relies on the bus from Fairview Park Mall to get to work, and says she’s now spending around $30 each way to get to and from work.

Vice-president of operations Bill Siegfried says that they’ve offered to cover the costs of a cab if needed.

“It’s not ideal for us, it’s not ideal for them that they’re not making money at all,” he says.

“But at the same time, if they’re coming for a four hour shift and spending five hours of wages on a cab to get here and back, it doesn’t make sense for them either.”

The LRT is still running through the strike, but even some businesses along the LRT line, like those in Uptown Waterloo, have noticed negative effects.

“A lot of people have to bus it to get to the LRT,” says owner of Quick Sandwiches Ben Sepehr.

Each business is facing its own set of challenges as a result of the strike, but all of them are hoping buses will be back up and running soon.

The Uptown Waterloo BIA says that the strike has helped shine a light on just how integral transit is for businesses around the region.

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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)

The Canadian Press. All rights reserved.

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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)

The Canadian Press. All rights reserved.

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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)

The Canadian Press. All rights reserved.

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