Five things to watch for in the Canadian business world in the coming week

Five things to watch for in the Canadian business world in the coming week
TORONTO — Five things to watch for in the Canadian business world in the coming week: Grocery bill One of Canada’s largest grocers will report its latest quarterly results Wednesday. Metro Inc., as well as competitors Loblaw Companies Ltd. and Empire Co. Ltd., benefited from an initial surge in shopping during the early days of the COVID-19 pandemic, but have... Read More

CCL Industries sees split demand as sanitizer spikes, event sales fall

CCL Industries sees split demand as sanitizer spikes, event sales fall
Toronto-based packaging company CCL Industries Inc. said that despite strong demand for labels for over-the-counter medicine, hand sanitizer and skin cleanser, second-quarter sales were hurt by “severe” declines in products such as Avery event badges. Net earnings were $103.9 million in the three months ending June 30, down from $121.3 million in the year-ago period. Second-quarter sales slid 9.8 per... Read More

Second Cup to close more stores and pilot gas station drive-thrus

Second Cup to close more stores and pilot gas station drive-thrus
MISSISSAUGA, Ont. — The Second Cup Ltd. plans to close more stores, sell more of its product in grocery stores and open gas station drive-thrus as it looks to recover from the deep hit absorbed during the COVID-19 pandemic. The Mississauga, Ont.-based beverage company says a pilot program will see it open at three Petro-Canada locations in Ontario this year. Second Cup... Read More

Bombardier says business jet activity picking up after taking COVID-19 hit

Bombardier says business jet activity picking up after taking COVID-19 hit
Bombardier Inc. says it is starting to see an improvement in business jet activity as interest in private travel grows after the COVID-19 pandemic forced it to ground its global operations and take a big financial hit in the second quarter. Industry business aircraft deliveries decreased 30 per cent from the prior year, but longer-term trends are encouraging, says CEO Eric... Read More

Hotels, mall closures drive $1.5 billion loss for Brookfield Property

Hotels, mall closures drive $1.5 billion loss for Brookfield Property
Mall closures and investments in hotels dragged down earnings this spring for Brookfield Property, which on Thursday said it lost money in the second quarter. Brookfield Property, which reports in U.S. dollars, reported a net loss of $1.512 billion, or $1.26 per unit, for the three months ending June 30. During the same period a year ago, the company earned... Read More

Bausch to spin off eye care business; misses expectations with wide Q2 loss

Bausch to spin off eye care business; misses expectations with wide Q2 loss
Bausch Health Companies Inc. is planning to spin off its iconic eye care business into an independent publicly traded company, Canada’s largest publicly traded pharmaceutical producer said Thursday. The firm, based near Montreal in Laval, Que., said the spinoff of Bausch + Lomb would allow it to focus on its gastroenterology, aesthetics/dermatology, neurology and international pharma business. The former Valeant Pharmaceuticals acquired Bausch... Read More

Tim Hortons sales fall by one-third as RBI feels the pain of pandemic

Tim Hortons sales fall by one-third as RBI feels the pain of pandemic
TORONTO — Restaurant Brands International Inc. says the pandemic took a big bite out of earnings in the second quarter, with sales down 21 per cent. The parent of Tim Hortons and Burger King says net income fell to US$163 million in the quarter ended June 30, down 37 per cent from US$257 million a year earlier. RBI, which reports in U.S. dollars,... Read More

Lightspeed revenues surge in its latest quarter on positive effects of COVID-19

Lightspeed revenues surge in its latest quarter on positive effects of COVID-19
MONTREAL — Lightspeed POS Inc. saw both its net loss and revenues increase in its latest quarter as it felt the positive effects of COVID-19. The Montreal-based retail payment technology firm, which reports in U.S. dollars, says it lost $20.1 million or 22 cents per share in its fiscal first quarter. That compared with a loss of $9.1 million or 11... Read More

BCE Q2 profit falls 68.9 per cent amid pandemic; Bell Canada adds 50,121 customers

BCE Q2 profit falls 68.9 per cent amid pandemic; Bell Canada adds 50,121 customers
TORONTO — The parent of Bell Canada reported Thursday second-quarter profits down nearly 70 per cent from the same period last year due to the pandemic’s impact on economic activity and customer demand, but said it is overall well-positioned to withstand the headwinds. Amid widespread closures that kept many of Canada’s employees and children at home, Bell added 50,121 wireless, residential internet and IPTV... Read More

B.C. allows private pot retailers to sell products online for in-store pick-up

B.C. allows private pot retailers to sell products online for in-store pick-up
VICTORIA — The British Columbia government says new rules for private cannabis retailers will allow pot to be reserved and paid for online, but customers still have to pick up their orders in person. The province says the regulations now allow private cannabis stores to accept payments made on a website, app or by telephone. Previous licence conditions allowed customers to reserve cannabis products online, but required... Read More