Business

Sask. records 5.4 per cent unemployment, marking 3rd straight month of increases – CTV News Regina

Published

1 year ago

September 10, 2023

While national job numbers have economists across Canada feeling optimistic – the story in Saskatchewan is not as uplifting. Unemployment is up for the third month in a row.

Canada’s economy may be creating more jobs than expected but businesses are still facing pressure from rising costs.

T + A Vintage, a small business in Regina, says those pressures will force it to close at the end of the month.

“The sales and the profit just aren’t quite there and the higher expenses between utilities, food costs and things like that,” owner Tim Weisgarber told CTV News.

“It’s just unmanageable, unbearable.”

Saskatchewan’s unemployment rate now sits at 5.4 per cent, up 0.3 from August.

“Any small business owners you talk to will tell you that people in Saskatchewan are poorer than they were five years ago,” NDP MLA Aleana Young told reporters.

“Consumer confidence is down, spending is down, small businesses are struggling because households and businesses are struggling to pay the bills.”

While the provincial government didn’t deny the latest statistics – it was quick to turn the spotlight to the past and the NDP’s record.

“The fact of the matter remains that Saskatchewan has created more jobs so far this year, than during the entire 16 years the NDP were in power,” Minister of Trade and Export Development Jeremy Harrison said in a statement to CTV News.

“They actually lost jobs and population declined.”

The province’s sentiments is little consolation for Weisgarber and T + V Vintage.

“You know you fight for as long as you can but there comes a point where you have to back out and move on and so we made that decision and it’s a tough one to make,” he said.

“We have the best customers, the best vendors, the best staff and we want to thank everyone for supporting us over the last nine years.”

T + A Vintage’s story is not completely over.

The establishment plans to reinvent itself as a pop-up vendor at various marketplaces, thus eliminating some of the pressures faced by businesses with storefronts.

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Cineplex reports $24.7M Q3 loss on Competition Tribunal penalty

Published

22 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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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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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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