Aritzia Inc. expects 45% drop in net revenue in first quarter due to COVID-19

Aritzia Inc. expects 45% drop in net revenue in first quarter due to COVID-19
VANCOUVER — Clothing retailer Aritzia Inc. expects its net revenue is about 45 per cent lower for the current quarter compared with the same time last year due to COVID-19 related store closures and despite a significant spike in online sales. The company expects net revenue for the three months ending May 31 to fall to between $105 million and $110... Read More

Tesla’s Musk earns $770M in stock options, company confirms

Tesla’s Musk earns $770M in stock options, company confirms
DETROIT — Tesla confirmed Thursday that CEO Elon Musk will get the first tranche worth nearly $770 million of a stock-based compensation package triggered by the company meeting several financial metrics. The electric car and solar panel maker’s board certified that Musk earned the big payout, according to a filing with the U.S. Securities and Exchange Commission. The filing says... Read More

Most actively traded companies on the TSX

Most actively traded companies on the TSX
TORONTO — Some of the most active companies traded Thursday on the Toronto Stock Exchange: Toronto Stock Exchange (15,262.73, down 9.30 points.) Sun Life Financial Inc. (TSX:SLF). Financials. Down 30 cents, or 0.62 per cent, to $48.09 on 24.6 million shares. Suncor Energy Inc. (TSX:SU). Energy. Down 26 cents, or 1.07 per cent, to $24.02 on 15 million shares. Great-West Lifeco Inc.... Read More

Huawei’s ambitions for Canada stalled by rift with China, security expert says

Huawei’s ambitions for Canada stalled by rift with China, security expert says
TORONTO — Huawei Technologies Co.’s push to become a leading supplier of 5G technology in Canada appears to be in jeopardy after the Chinese tech giant’s CFO suffered a legal setback in a B.C. court, prompting an angry response from Beijing. “The chance of them being a leading supplier is next to none. I think the chance of them being involved at... Read More

CN Rail feeling slowdown as auto and crude revenue plunges, despite grain gains

CN Rail feeling slowdown as auto and crude revenue plunges, despite grain gains
MONTREAL — Canadian National Railway Co. says business has gone downhill since mid-March as the COVID-19 pandemic rips into a sector that serves as a barometer of economic cycles. CEO JJ Ruest, speaking at a conference held online, says revenue ton miles — a key industry metric — fell 15 per cent year over year in April and 21 per cent in May. Ruest says... Read More

Toronto stock market dips on weakness in the energy and financials sectors

Toronto stock market dips on weakness in the energy and financials sectors
TORONTO — Canada’s main stock index slipped lower at the end of Thursday trading as a two-day rally by the heavyweight financials sector concluded with banks being among the biggest decliners on the day. The S&P/TSX composite index closed down for the first time in five days, losing 9.30 points at 15,262.73. “Kind of a boring day as compared to the great... Read More

Cash Exodus: COVID-19 pandemic could accelerate shift to cashless, experts say

Cash Exodus: COVID-19 pandemic could accelerate shift to cashless, experts say
Some businesses reopening with pandemic protocols in place have said they won’t accept cash for the time being, potentially accelerating what the Bank of Canada describes as a decade-long shift away from the banknote. Cashiers at Longos, Best Buy and The Shoe Company, for instance, will refuse cash out of concern the bills are a vector for the novel coronavirus. But experts... Read More

BRP reports $226M Q1 loss, warns Q2 sales expected to plunge due to pandemic

BRP reports $226M Q1 loss, warns Q2 sales expected to plunge due to pandemic
VALCOURT, Que. — BRP Inc. reported a first-quarter loss of $226.1 million and warned it expected revenue in its second quarter to drop sharply compared with a year ago due to the pandemic. The Ski-Doo and Sea-Doo maker says it expects revenue in the second quarter to be down about 40 per cent compared with last year. BRP lost $2.58 per... Read More

How to put ‘found money’ generated from pandemic savings to good use

How to put ‘found money’ generated from pandemic savings to good use
CALGARY — An elevator salesman in Calgary says two months of working from his house in the northwest part of the city have convinced him there’s no place like home to conduct business. Tracey Webb says he plans to make his home base his work base permanently after seeing major savings on daily expenses without hurting his performance as a local sales representative for an international... Read More

CIBC reports $392-million Q2 profit, down from $1.35 billion a year ago

CIBC reports $392-million Q2 profit, down from $1.35 billion a year ago
TORONTO — Canadian Imperial Bank of Commerce took a nearly $1-billion hit to its second-quarter profit as its provisions for credit losses soared due to the pandemic and the plunge in oil prices. The Toronto-based bank said Thursday that it earned $392 million or 83 cents per share for the quarter ended April 30, down from a profit of $1.35 billion or $2.95... Read More