Company releases, economic news, and business coverage.
ANN ARBOR, Mich. - Domino's Pizza said strong carryout sales helped it achieve better-than-expected results in the fourth quarter despite increasing competition from food delivery companies like DoorDash.
The Ann Arbor, Michigan-based company — which has 17,000 stores worldwide — said Thursday that its fourth-quarter earnings rose 16% to $129.3 million. Adjusted for one-time items, the company earned $3.13 per share, beating Wall Street's forecast of $2.98 per share, according to analysts polled by FactSet.
NEW YORK - Victoria's Secret, which once defined sexy with its leggy supermodels prancing around in their bras and oversized angel wings, is being sold as women increasingly look for styles that more realistically fit their body types.
The company's owner, L Brands, said that the private-equity firm Sycamore Partners will buy 55% of Victoria's Secret for about $525 million. The Columbus, Ohio, company will keep the remaining 45% stake. After the sale, L Brands will be left with its Bath & Body Works chain and Victoria's Secret will become a private company.
Gildan Activewear Inc. is boosting its quarterly dividend 15 per cent despite weaker net profits and revenues in the fourth quarter and 2019.
The Montreal-based clothing maker is increasing its quarterly payout for an eighth consecutive year, to 15.4 cents payable on April 6 to shareholders of record on March 12. That's up from the previous rate of 13.4 cents.
BRAMPTON, Ont. - Loblaw Companies Ltd. reported its fourth-quarter profit rose compared with a year earlier, but the parent company of Loblaws and Shoppers Drug Mart fell short of analysts' expectations.
The retailer said Thursday it earned a profit attributable to common shareholders of $254 million or 70 cents per diluted share for the 12-week period ended Dec. 28.
MONTREAL - The Caisse de depot et placement du Quebec (CDPQ) missed its benchmark portfolio last year due to lacklustre performance of real estate and infrastructure assets and a focus on long-term stability, even as it enjoyed its strongest return on investment in five years.
The Quebec pension fund manager generated a 10.4 per cent annual return on investments in 2019, or $31.1 billion, growing its net assets to $340 billion. Its benchmark portfolio, however, grew 11.9 per cent.
TORONTO - The Ontario Securities Commission is proposing to restrict the use of deferred sales charges in the sale of mutual funds as every other jurisdiction across the country moves to ban them.
The provincial regulator said Thursday it wants to limit the circumstances in which mutual funds with the DSC option may be sold and give clients greater flexibility to redeem their investments without penalties.
TORONTO - RioCan Real Estate Investment Trust says it is well-positioned to weather challenges in the retail landscape as it focuses on necessity-based retailers and major urban centres.
"While there's no question the retail landscape is evolving and it's full of challenges, RioCan is ideally suited to succeed in this environment," said Jonathan Gitlin, president and COO on an analyst call Thursday.
TORONTO - Canada may still be in the depths of winter, but for high school, college and university students across the country, now is the time to prepare for summer jobs and post-graduation employment.
Amid the typical criteria of job seekers such as location, compensation and opportunity, an often overlooked aspect of the job search is workplace safety, as the injury rate for new workers — regardless of age — is three to four times higher in the first month on a job than the normal rate.
TORONTO - An Ontario court has extended an order suspending legal proceedings against three major tobacco companies as they try to negotiate a settlement with their creditors.
Ontario Superior Court Justice Thomas McEwen told a Toronto court this morning there would be "no prejudice to any stakeholder" from extending the stay to Sept. 30.
OTTAWA - Canada Mortgage and Housing Corp. says it has downgraded the vulnerability of several cities in the Prairies while Canada's housing market remains moderately vulnerable.
The federal housing agency's quarterly assessment, based on data up to the end of last September and some indicators up to the end of December, leaves Victoria as the only market with an overall high degree of vulnerability.