Business

Walmart says two top U.S. executives to leave – memo

Published

3 years ago

January 14, 2022

Walmart Inc said on Friday Chief Merchandising Officer of its U.S. unit, Scott McCall, will retire and handover the reigns to grocery chief Charles Redfield, as it looks to capitalize on the gains it made during the pandemic.

Redfield, who has led the U.S. grocery business for the past six years, will take up the role immediately, according to an internal memo sent to employees.

Before Walmart, Redfield had held chief merchandising roles at ASDA, a UK grocer in which the U.S. retailer owns a minority stake, and at its warehouse club offering Sam’s Club, the memo sent by U.S. Chief Executive John Furner said.

The leadership change comes two months after Walmart reported better third-quarter sales in the United States than market expectations and raised its annual sales and profit forecasts.

The upbeat outlook came amid a surge in demand of groceries and home goods items during the pandemic and a big boost from online shopping, which grew 8% in the United States, or 87% from the pre-pandemic levels.

McCall, who has been with Walmart for nearly 30 years, will work with U.S. operations head Chris Nicholas to further drive inventory management before he retires, the memo said.

The Bentonville, Arkansas-based company also said that Chief Customer Officer Janey Whiteside will leave in March “to start her next chapter in New York with her family.”

Whiteside was the company’s first chief customer officer when she was appointed in 2018.

(Reporting by Siddharth Cavale and Ananya Mariam Rajesh in Bengaluru; Editing by Arun Koyyur)

Business

Cineplex reports $24.7M Q3 loss on Competition Tribunal penalty

Published

1 day 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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Business

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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Business

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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