The Toronto-based retailer reported on Thursday that comparable sales – an important metric that tracks sales growth at existing stores that have been open for more than a year – fell by 1.5 per cent in the quarter ended Sept. 28.
At the flagship Canadian Tire store chain, declines in sales across categories such as gardening, toys and home décor led to a 2.2-per-cent decrease in comparable sales compared to the same period the year before. Over the past two years, the company has noted that discretionary purchases have been falling as people manage their budgets carefully, although they continue to spend on essential products and services, particularly in the automotive category.
Canadian Tire reported its net income grew to $220.7-million or $3.59 per share, compared to normalized earnings of $203.8-million or $2.96 per share in the same period the previous year. The normalized figure excluded a $328-million charge in the previous year related to the company’s deal to buy back a minority stake in its financial services division from Bank of Nova Scotia. It also excluded a $96.
Canada’s leading life insurers have increasingly focused on expansion in Asia, a key market for their growth and global exposure. Manulife’s wealth and asset management business was another bright spot, with core earnings from the unit jumping 37 per cent to a record $499-million.Manulife’s wealth and asset management saw net inflows of $5.2-billion, compared to net outflows of $0.8-billion a year earlier, driven by strong retail net flows.
U.S. imports of crude oil from Canada also hit a record in July, benefiting pipeline firms such as TC Energy. The company reported overall revenue of $4.08-billion, beating the average analyst estimate of $3.97-billion, according to data compiled by LSEG. Subscription revenue totalled US$85.5-million, up from US$81.0-million a year ago, while transaction-based revenue amounted to US$183.8-million, up from US$137.7-million. Hardware and other revenue was US$7.9-million, down from US$11.6-million a year ago.
Its shares rose as its robust performance in China contrasts with comments from bigger luxury brands such as Gucci-owner Kering and LVMH . Selling, general and administrative expenses fell about 8 per cent to $162.5-million due to a cost-saving program that involved job cuts. Revenue in North America declined 3% in the reported quarter, compared to a 0.4-per-cent rise in the previous quarter.posted a net loss of $1.2-billion in its third quarter
The company’s stock has tumbled more than 10 per cent since Monday, when the company announced it was acquiring internet provider Ziply Fiber for $5-billion, while also Quebecor says its adjusted income from operating activities amounted to 82 cents per share, down from 88 cents per share in the same quarter last year.During the quarter, the company says it saw a net increase of 132,100 mobile telephone lines, the best quarterly growth in its history.
Despite an 18-day strike in July at one of its Canadian facilities, Bombardier delivered 30 jets during the third quarter ending September, compared with 31 aircraft a year earlier. In a research note released before the bell, Citi analyst Stephen Trent said: “Bombardier’s adj 3Q’24 EPS came in at $0.74, vs Bloomberg consensus of $0.75. Overall, the results look marginally positive, with book to bill stable at 1 times, the firm order backlog softening ever so slightly sequentially, but stable year-over-year at $14.7-billlion, and mild FCF usage of
Toronto-based Barrick said it was on track for an improved performance in the fourth quarter and expected to reach its 2024 annual production forecast in the range of 3.9 million ounces to 4.3 million ounces.
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