Record surge in daily shipping volumes for UPS in Q2

Record surge in daily shipping volumes for UPS in Q2
The pandemic-fueled boom in online shopping shows no signs of slowing down, providing more business for delivery companies like United Parcel Service Inc. UPS said Thursday that shipments from businesses to U.S. consumers soared 65% in the second quarter, helping lift the delivery giant to a $1.77 billion profit. The results were better than expected, and UPS shares jumped 15%... Read More

Shopify revenues nearly double in Q2 amid COVID-19 shift to e-commerce

Shopify revenues nearly double in Q2 amid COVID-19 shift to e-commerce
COVID-19 is proving to be no match for Shopify Inc., which nearly doubled revenues and reported US$36 million in profits as the pandemic raged across Canada. While many Canadian businesses filed for bankruptcy or watched sales disappear in record time amid the health crisis, the Ottawa-based tech company said Wednesday that its revenues surged by 97 per cent in its second quarter. Shopify’s stock price was up... Read More

North American stock markets rebound in early trading with Shopify leading

North American stock markets rebound in early trading with Shopify leading
TORONTO — North American stock markets rebound in early morning trading with shares of Shopify Inc. surging on its near doubling of revenues in latest quarter. The S&P/TSX composite index was up 94.54 points at 16,215.86. In New York, the Dow Jones industrial average was up 19.11 points at 26,398.39. The S&P 500 index was up 15.65 points at 3,234.09, while the Nasdaq composite... Read More

Sneaker aficionados look to get in on lucrative trade of rare kicks

Sneaker aficionados look to get in on lucrative trade of rare kicks
TORONTO — Mario Ruiz started collecting vintage clothing and hard-to-find shoes in Grade 7 before hawking his wares from his high school locker at a profit. The 22-year-old co-owner of Hamilton-based resale store Omnes recalls waiting 32 hours in line to buy a shoe at retail, and said one of his best opportunities came when he won a raffle allowing him to purchase a new... Read More

Target joins Walmart in ending Thanksgiving store shopping

Target joins Walmart in ending Thanksgiving store shopping
NEW YORK — Target is joining Walmart in closing its stores on Thanksgiving Day, ending a decadelong tradition of jump-starting Black Friday door buster sales. The move, announced Monday, comes as stores are rethinking this year’s Black Friday shopping bonanza weekend — along with other key retail days during the holiday season — as the country battles the coronavirus pandemic.... Read More

Consumers flocked to online shopping as pandemic hit, with e-commerce sales up 99%

Consumers flocked to online shopping as pandemic hit, with e-commerce sales up 99%
OTTAWA — Canadian consumers flocked to online shopping as the measures to combat the COVID-19 pandemic were enacted, according to a Statistics Canada report. A new report from the agency found that total retail sales fell by 17.9 per cent as Canadians increasingly sheltered in place between February and May and brick-and-mortar stores closed their doors. Even so, shoppers rushed... Read More

Empire to invest $2.1 billion over three years to expand, grow earnings

Empire to invest $2.1 billion over three years to expand, grow earnings
STELLARTON, N.S. — Empire Company Ltd. plans to spend $2.1 billion over the next three years on building and renovating stores, expanding its e-commerce offering and growing its private label portfolio as it drives to add $500 million in annualized earnings. Empire, which owns the Sobeys and Safeway grocery chains, unveiled a new three-year strategy dubbed project horizon focused on... Read More

June inflation rate turns positive amid early stages of economic reopening

June inflation rate turns positive amid early stages of economic reopening
OTTAWA — The country’s inflation barometer turned positive last month after two months of deflation as the consumer price index increased by 0.7 per cent in June compared to a year earlier, Statistics Canada reported Wednesday. The consumer price index had registered two months of negative readings leading up to June, first with 0.2 per cent annualized decline in April, then... Read More

Retail sales on pace to recover after 18.7 per cent surge in May, says StatCan

Retail sales on pace to recover after 18.7 per cent surge in May, says StatCan
Retail sales are on pace to recover from the COVID-19 shutdowns after surging nearly 19 per cent in May with even larger gains expected in June, says Statistics Canada. The agency says retail sales increased to $41.8 billion in May after steep declines in the previous two months, still leaving them 20 per cent below levels in February, before physical distancing measures... Read More

Walmart Canada investing $3.5 billion over five years in ‘smarter stores’

Walmart Canada investing $3.5 billion over five years in ‘smarter stores’
MISSISSAUGA, Ont. — Walmart Canada plans to invest $3.5 billion over the next five years with a focus on technology to make so-called “smarter stores.” “The investment will impact every aspect of the business,” the company said in a statement Monday, adding it comes as its Canadian business grows, with grocery and e-commerce gaining “significant momentum.” The spending includes $1.1 billion to build two... Read More