Restaurants in Canada are once again scaling back New Year’s Eve plans or shutting their doors altogether amid climbing COVID-19 cases and renewed public health measures across the country.
For the second year in a row, the pandemic has dampened what is ordinarily one of the biggest nights of the year — a celebration that in good times yields sales that help carry the hospitality sector through sluggish winter months.
Eateries, bars and event venues are facing a range of restrictions, from capacity limits to rules barring dancing and outright curfews.
Many restaurateurs are now grappling with cancelled reservations or refunding tickets as the highly transmissible Omicron variant decimates the festive plans of Canadians that just weeks ago appeared a safe bet.
Brenda O’Reilly, owner of four restaurants in Newfoundland and Labrador, said two of her restaurants will be closed on New Year’s Eve.
She says Yellowbelly Brewery and Public House in downtown St. John’s, which is one of her most popular locations, will be open but reservations have been “dropping like flies all week.”
Her fourth location, in the airport, is open but seeing a fraction of its usual business.
“This is normally one of our best nights of the year,” O’Reilly said. “From a cash flow perspective, it carries us through some of January.”
O’Reilly said she’s had to cancel bands, refund tickets and manage a cancelled wedding that’s been on the books for two years.
Yet her bigger concern is how Canada’s restaurant industry will survive the coming year amid ongoing restrictions and rising inflation.
“Our overhead is going up … wages are accelerating, food prices are accelerating,” O’Reilly said. “The only thing that’s not going up for us is our revenue.”
She added: “I’m really nervous for the viability of our sector in the next coming year. It’s really challenging and stressful and mental health is becoming a huge issue in our industry.”
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.
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.
