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Ski hills optimistic despite warmer temperatures

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THUNDER BAY — there may be rain and brown grass on the ground within city limits, but both Loch Lomond and Mount Baldy continue to operate during the holiday season.

Laura Woodbeck, the Office Manager with Loch Lomond, stated Wednesday that they are very optimistic that more winter-like conditions will be coming.

“We have an absolutely beautiful base on the south side, and we will be running [our first night ski session] tomorrow until 9:00 p.m.” Woodbeck added.

“We are looking forward to the temperatures dropping and hopefully we’ll have even a better south side and [be able to open] the north [side] for you for next week.”

Woodbeck added that the owner had a simple message when asked about any possibility of closing down operations in the face of warmer weather.

“As far as Jason Gerry says, we are scheduled to be open – we are open. We have the base to stay open and we’re still hoping for the temperatures to drop. We have been amazed with how well man-made snow had held up with Mother Nature’s temperament,” Woodbeck noted.

Mount Baldy co-owner Daniel Kardas hasn’t seen a winter like this in the six years that he’s been involved in the ownership group.

“It’s [been] lots of long hours and a really good crew around here making it happen, believe it or not,” Kardas told Dougall Media Wednesday. “When it comes to snow [mixed with] three days of rain, that doesn’t really work out so [well]. We’re powering through, and we just got to get that word out there to people that we do have a lot of snow.”

Mount Baldy has three runs open, and snowmakers are optimistic that cooler temperatures will allow them to fire up the snow-making machines.

“We do have to wait till temperatures [are] between eight and 10 degrees below zero consistently to start making snow,” mentioned Woodbeck.

“If it stays that cold during January and February, we will have the rest of the snow made and hopefully Mother Nature will top that up for us, and the season will last as long as the season will last.”

The optimism is contagious at Mount Baldy as the Port Arthur ski club enjoys the unseasonable weather.

“I have been in the business for 40-plus years and I have seen a lot of times in skiing when you have varying weather like this that creates these situations,” States Program Director and Head Coach David Bradley.

“These guys are coping with it really well; [I believe that] this surface that we have right now is going to be bulletproof when it gets cold and they’re going to put new snow on top of that, and we’re going to have a fantastic base for the rest of the season.”

It’s anything but optimism for the Kamview Nordic Centre and General Manager Dave Suttie, who expresses frustration with how things have changed since last year.

“In years past, we usually have some snow on the ground and a little bit of skiing going [on] but yeah, this year is definitely a little late,” said Suttie.

“[This isn’t] the first time this has happened, but we’re hoping we get a change in the weather here soon so we can get some skiing going for sure.”

 

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Transat AT reports $39.9M Q3 loss compared with $57.3M profit a year earlier

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MONTREAL – Travel company Transat AT Inc. reported a loss in its latest quarter compared with a profit a year earlier as its revenue edged lower.

The parent company of Air Transat says it lost $39.9 million or $1.03 per diluted share in its quarter ended July 31.

The result compared with a profit of $57.3 million or $1.49 per diluted share a year earlier.

Revenue in what was the company’s third quarter totalled $736.2 million, down from $746.3 million in the same quarter last year.

On an adjusted basis, Transat says it lost $1.10 per share in its latest quarter compared with an adjusted profit of $1.10 per share a year earlier.

Transat chief executive Annick Guérard says demand for leisure travel remains healthy, as evidenced by higher traffic, but consumers are increasingly price conscious given the current economic uncertainty.

This report by The Canadian Press was first published Sept. 12, 2024.

Companies in this story: (TSX:TRZ)

The Canadian Press. All rights reserved.

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Dollarama keeping an eye on competitors as Loblaw launches new ultra-discount chain

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Dollarama Inc.’s food aisles may have expanded far beyond sweet treats or piles of gum by the checkout counter in recent years, but its chief executive maintains his company is “not in the grocery business,” even if it’s keeping an eye on the sector.

“It’s just one small part of our store,” Neil Rossy told analysts on a Wednesday call, where he was questioned about the company’s food merchandise and rivals playing in the same space.

“We will keep an eye on all retailers — like all retailers keep an eye on us — to make sure that we’re competitive and we understand what’s out there.”

Over the last decade and as consumers have more recently sought deals, Dollarama’s food merchandise has expanded to include bread and pantry staples like cereal, rice and pasta sold at prices on par or below supermarkets.

However, the competition in the discount segment of the market Dollarama operates in intensified recently when the country’s biggest grocery chain began piloting a new ultra-discount store.

The No Name stores being tested by Loblaw Cos. Ltd. in Windsor, St. Catharines and Brockville, Ont., are billed as 20 per cent cheaper than discount retail competitors including No Frills. The grocery giant is able to offer such cost savings by relying on a smaller store footprint, fewer chilled products and a hearty range of No Name merchandise.

Though Rossy brushed off notions that his company is a supermarket challenger, grocers aren’t off his radar.

“All retailers in Canada are realistic about the fact that everyone is everyone’s competition on any given item or category,” he said.

Rossy declined to reveal how much of the chain’s sales would overlap with Loblaw or the food category, arguing the vast variety of items Dollarama sells is its strength rather than its grocery products alone.

“What makes Dollarama Dollarama is a very wide assortment of different departments that somewhat represent the old five-and-dime local convenience store,” he said.

The breadth of Dollarama’s offerings helped carry the company to a second-quarter profit of $285.9 million, up from $245.8 million in the same quarter last year as its sales rose 7.4 per cent.

The retailer said Wednesday the profit amounted to $1.02 per diluted share for the 13-week period ended July 28, up from 86 cents per diluted share a year earlier.

The period the quarter covers includes the start of summer, when Rossy said the weather was “terrible.”

“The weather got slightly better towards the end of the summer and our sales certainly increased, but not enough to make up for the season’s horrible start,” he said.

Sales totalled $1.56 billion for the quarter, up from $1.46 billion in the same quarter last year.

Comparable store sales, a key metric for retailers, increased 4.7 per cent, while the average transaction was down2.2 per cent and traffic was up seven per cent, RBC analyst Irene Nattel pointed out.

She told investors in a note that the numbers reflect “solid demand as cautious consumers focus on core consumables and everyday essentials.”

Analysts have attributed such behaviour to interest rates that have been slow to drop and high prices of key consumer goods, which are weighing on household budgets.

To cope, many Canadians have spent more time seeking deals, trading down to more affordable brands and forgoing small luxuries they would treat themselves to in better economic times.

“When people feel squeezed, they tend to shy away from discretionary, focus on the basics,” Rossy said. “When people are feeling good about their wallet, they tend to be more lax about the basics and more willing to spend on discretionary.”

The current economic situation has drawn in not just the average Canadian looking to save a buck or two, but also wealthier consumers.

“When the entire economy is feeling slightly squeezed, we get more consumers who might not have to or want to shop at a Dollarama generally or who enjoy shopping at a Dollarama but have the luxury of not having to worry about the price in some other store that they happen to be standing in that has those goods,” Rossy said.

“Well, when times are tougher, they’ll consider the extra five minutes to go to the store next door.”

This report by The Canadian Press was first published Sept. 11, 2024.

Companies in this story: (TSX:DOL)

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U.S. regulator fines TD Bank US$28M for faulty consumer reports

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TORONTO – The U.S. Consumer Financial Protection Bureau has ordered TD Bank Group to pay US$28 million for repeatedly sharing inaccurate, negative information about its customers to consumer reporting companies.

The agency says TD has to pay US$7.76 million in total to tens of thousands of victims of its illegal actions, along with a US$20 million civil penalty.

It says TD shared information that contained systemic errors about credit card and bank deposit accounts to consumer reporting companies, which can include credit reports as well as screening reports for tenants and employees and other background checks.

CFPB director Rohit Chopra says in a statement that TD threatened the consumer reports of customers with fraudulent information then “barely lifted a finger to fix it,” and that regulators will need to “focus major attention” on TD Bank to change its course.

TD says in a statement it self-identified these issues and proactively worked to improve its practices, and that it is committed to delivering on its responsibilities to its customers.

The bank also faces scrutiny in the U.S. over its anti-money laundering program where it expects to pay more than US$3 billion in monetary penalties to resolve.

This report by The Canadian Press was first published Sept. 11, 2024.

Companies in this story: (TSX:TD)

The Canadian Press. All rights reserved.

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