The cabinet minister in charge of Alberta’s liquor industry says he won’t impose floor prices for alcohol on the shelves but is declining to say what other changes might be contemplated.
“We’re not looking to get in between the retailer and the consumer in any way. We won’t be setting floor pricing,” Service Alberta Minister Dale Nally told reporters Tuesday at the legislature.
“This is about social responsibility, and Albertans spoke very loudly.
“I can’t forecast what will happen down the road.”
Nally’s comments came a day after he called out plastic four-litre vodka jugs with a sticker price of $49.95 being sold in Edmonton.
Nally said he considered selling vodka at that price offside. He said if a bill now before the house goes through, he would have explicit authority to set liquor prices and review the system with an eye to ensuring responsible pricing.
Nally was responding to social media photos that circulated over the weekend of the jumbo vodka jugs that were produced by an Edmonton-area business — T-Rex Distillery — and made for exclusive sale at Super Value Liquor stores.
Super Value said it discounted the jugs down from $60 in order to best serve customers looking to buy in quantity and save money.
After Nally expressed his concerns Monday and said he was looking at intervening, T-Rex announced that despite mixed reaction to the jugs, it was halting production.
On Tuesday, Super Value Liquor co-owner Sunny Bhullar told The Canadian Press the stores would end the special sale price on the jugs by day’s end.
“We still have the stock, but we’ll end the promotional price in light of the minister’s perspective,” said Bhullar.
Under current rules, the provincial oversight agency, Alberta Gaming, Liquor and Cannabis, or AGLC, sets the wholesale cost retailers must pay for products.
T-Rex, however, said the agency doesn’t provide rules or guidelines on how a product should be priced on the shelves.
“Albertan craft distilleries have suffered from a lack of responsible pricing for a while now and, in fact, there are multiple distilleries out there that are selling their spirits even cheaper than T-Rex,” the company said in a statement.
The distillery also criticized AGLC for removing a rule a few years ago that required distilleries produce at least 80 per cent of their products in-house.
T-Rex said the removal of the rule forced them, and others, to lower prices to stay in business.
On Tuesday, Nally committed to keeping the status quo.
“That 80/20 rule was reduced as a red-tape initiative to help small business and to spur investment, and I would suggest that it worked. So we’re not looking at changing that,” he said.
This report by The Canadian Press was first published April 9, 2024.
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.
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.
