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.
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.
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.
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
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.
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
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.
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.
TORONTO, Oct 22 (Reuters) – The Canadian dollar finished the
session slightly weaker against its U.S. counterpart on
Wednesday, as investors digested unexpectedly weak August retail
sales and the Bank of Canada’s statement.
The currency had touched the session’s weakest level after
retail sales, weighed down by lower gasoline prices and weaker
sales of new cars and food, unexpectedly fell 0.3 percent.
TORONTO (Reuters) – Canada Goose Inc, a maker of luxury winter down jackets, expects double-digit sales growth going forward and is forecasting revenue this year to be well over C$200 million ($176.76 million), its chief executive officer said on Wednesday.
The Toronto-based manufacturer, which started in a small warehouse in 1957, has grown to about 1,000 workers and is known for its high-end coats, now sold in more than 50 countries.
TORONTO, Oct 6 (Reuters) – Air Canada has reached a
tentative agreement on a new 10-year contract with its pilots’
union, 1-1/2 years ahead of the expiration of the current
contract at Canada’s largest airline.
The Montreal-based carrier said on Monday the new deal,
which is subject to ratification by about 3,000 pilots, will
allow it to accelerate its growth plans. Air Canada has been
pushing expansion of its international flights and of Rouge, its
low-cost vacation carrier.