Consumer spending drop dents Cargojet earnings: CEO

  • 📰 SooToday
  • ⏱ Reading Time:
  • 17 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 10%
  • Publisher: 85%

Business News News

Business Business Latest News,Business Business Headlines

MISSISSAUGA, Ont. — The slide in consumer spending has squeezed Cargojet Inc.'s bottom line, its CEO says, as Canadians shell out less on goods that land on shelves and doorsteps after a trip by air freighter.

"Higher interest rates are starting to impact the household disposable incomes and we are observing a division in household spending," chief executive Ajay Virmani said in a statement Tuesday.

Virmani said Tuesday the company is trimming capital expenditures and"working on identifying every cost saving opportunity." "Canadians are spending nearly 10 per cent more on essential items than they were just one year ago. At the same time, the surge in discretionary spending has dissipated."

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 8. in BUSİNESS

Business Business Latest News, Business Business Headlines