Transportation, Retail and Markets Correspondent, Canada
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Dec 19, 2014

Sears Canada speeding up investments in turnaround effort: CEO

TORONTO (Reuters) – Sears Canada Inc (SCC.TO: Quote, Profile, Research, Stock Buzz) is stepping up spending on areas such as its website and profitable merchandise categories while looking to exit unprofitable product lines as part of its turnaround plan, the retailer’s new acting chief executive said on Friday.

“We’re going to make some of those tough decision about businesses in short order,” Ron Boire told Reuters in an interview, adding that the company was in a very strong liquidity position, with no short- or long-term debt.

Dec 11, 2014

Lululemon profit beats on lower costs, but revenue outlook cut

Dec 11 (Reuters) – Yogawear chain Lululemon Athletica Inc
reported a stronger-than-expected quarterly profit on
Thursday, driven in part by lower costs, but U.S. port
disruptions and delayed store openings took a toll on its
revenue outlook.

Shares of the Canadian retailer jumped 10 percent to $51.32
after it reported the results, with investors taking note of an
increase in comparable store sales.

Dec 9, 2014

Tim Hortons CEO gets million dollar bonus after Burger King deal

TORONTO (Reuters) – Tim Hortons Inc’s chief
executive will get a C$1 million ($871,460) bonus following the
C$12.64 billion takeover deal by Burger King Worldwide,
the Canadian coffee and donut chain said in a regulatory filing
on Monday.

Burger King agreed to buy the Canadian company in August in
a transaction that will create the world’s third-largest
fast-food restaurant group. The Canadian government approved the
takeover, which will create a new company based north of the
border, last week.

Dec 9, 2014

Hudson’s Bay loss narrows as Saks helps it nearly double sales

TORONTO (Reuters) – The purchase of upscale U.S. retailer Saks Inc helped Canadian department store operator Hudson’s Bay Co (HBC.TO: Quote, Profile, Research, Stock Buzz) nearly double retail sales and post a smaller quarterly loss on Tuesday.

While its earnings per share were slightly below expectations, Hudson’s Bay stock rebounded from early losses to rise 2.1 percent to C$23.99 in Toronto. The stock has taken much of its recent direction from the retailer’s moves to extract greater value from its real estate portfolio.

Dec 2, 2014

Resource focus makes Canada tougher place to invest -Mawer

TORONTO, Dec 2 (Reuters) – A fast-growing Canadian boutique
money manager that has beaten the benchmarks of many of its
mutual funds says the country’s concentration of resource
companies makes it a challenging investment market.

Calgary, Alberta-based Mawer Investment Management Ltd has
C$26 billion ($22.82 billion) in assets under management, up
from just C$5 billion in 2008.

Nov 24, 2014

Hudson’s Bay plans $1.25 billion debt refinancing, shares jump

TORONTO (Reuters) – Canada’s Hudson’s Bay Co (HBC.TO: Quote, Profile, Research, Stock Buzz) outlined a $1.25 billion refinancing plan Monday, in a move to reduce interest payments on debt it took on after it bought U.S. rival Saks last year, sending its shares up more than 9 percent in midday trading.

The department store operator said it would take out a 20-year mortgage on the ground portion of its flagship Saks Fifth Avenue store in New York City after an appraiser valued the property at C$4.1 billion ($3.65 billion), significantly more than it paid to buy all of Saks.

Nov 12, 2014

Canada sees budget surplus despite tax cuts, low oil prices

TORONTO, Nov 12 (Reuters) – Canada will emerge from seven
years of budget deficits that followed the 2008 financial crisis
and show a C$1.9 billion ($1.7 billion) surplus next year,
despite lower oil prices and a package of previously announced
tax cuts.

Finance Minister Joe Oliver announced the projections on
Wednesday in the fall update of the February budget, as parties
stake out positions ahead of an election next October.

Nov 5, 2014

Tim Hortons profit tops estimates as customers spend more

TORONTO, Nov 5 (Reuters) – Profit at Canadian coffee and
doughnut chain Tim Hortons Inc, which is being bought
by Burger King Worldwide Inc, beat market estimates in
the third quarter as customers opted for the more expensive
items on the company’s menu.

Net income fell about 14 percent, however, mostly due to
costs related to U.S. fast-food chain Burger King’s C$12.64
billion ($11.06 billion) takeover deal, Tim Hortons said on
Wednesday.

Nov 3, 2014

Bank of Canada shows concerns about downside risks

TORONTO, Nov 3 (Reuters) – The gloom that seems to surround
central bankers stems from the fact that risks associated with a
new downturn in the economy and inflation are less easy to
handle than surprises on the upside, Bank of Canada Governor
Stephen Poloz said on Monday.

The Bank of Canada regards the risks to achieving its 2
percent inflation target as being balanced, Poloz said, but he
added: “We acknowledge that, in the current situation, the
consequences of an upside risk would be more manageable than
those associated with a downside risk.

Oct 28, 2014

Lululemon founder’s family bets on casual luxury with new retail venture

TORONTO/VANCOUVER (Reuters) – Sewing machines hum inside a spacious clothing boutique where the wife and son of Lululemon Athletica Inc’s (LULU.O: Quote, Profile, Research, Stock Buzz) founder hope to capture the retail magic that turned the yogawear maker into a stock market darling.

Meet Kit and Ace, the brainchild of billionaire Chip Wilson’s wife, former Lululemon lead designer Shannon Wilson, who started the new streetwear venture with his son J.J.

    • About Solarina

      "I am a Canadian transportation, retail and markets correspondent. I occasionally moonlight in entertainment and lifestyle news. I was formerly a homepage editor for Reuters.com, and an online news editor for Reuters.com, .co.uk and .ca. Life before Reuters included working in China and freelancing in California."
      Joined Reuters:
      2003
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