Fast-food giant Wendy’s is shuttering 140 underperforming locations through the end of 2024 as it looks to improve its “restaurant footprint and overall system health.” To counter the closures, though, the Ohio-based company is working to replace many of these units with “new restaurants at better locations with significantly improved sales and profitability,” Wendy’s CEO … Read more
McDonald’s on Monday reported its first sales drop since the early days of the coronavirus pandemic as the burger giant struggled to draw in cash-strapped customers because of inflated menu prices. The Chicago-based fast food chain — which rolled out a $5 value meal last month to lure customers — said that its same-store sales … Read more
As revenue slumps from a “challenging advertising environment,” Canadian media company Corus Entertainment — which houses brands like Global News and YTV — is “aggressively” cutting costs, continuing layoffs and shutting down parts of its business. In the company’s third-quarter earnings call on Monday, co-chief executive officer John Gossling said that by the end of August, Corus expects it will have … Read more
The Beijing-based company said revenue rose to 260 billion yuan (US$36 billion) in the March quarter, from about 243 billion yuan a year earlier, on the back of electronics, home appliances, general merchandise and logistics services income. That was ahead of the 257.72 billion yuan average forecast from 21 analysts’ estimates compiled by the London … Read more
Canadian e-commerce platform Shopify forecast its slowest quarterly revenue growth in two years against the backdrop of an uncertain economy and tepid consumer spending, sending its shares slumping about 20 per cent, on Wednesday. Its shares on the Toronto Stock Exchange hit their lowest in six months and the company was on track to lose $25 billion … Read more
Loblaw Companies reported $13.58 billion in first-quarter revenue — a 4.5 per cent increase from a year earlier — on Wednesday morning, the same day that a group of frustrated shoppers said they would begin a month-long boycott of the grocery retailer. The company’s quarterly profit was $459 million, marking a 9.8 per cent increase. Earnings per share were $1.72 … Read more
A typo in Lyft’s earnings report overstated a key profit metric by a factor of 10 — sparking a 67% spike in its stock late Tuesday before management corrected the error and sent the shares tumbling. Late Tuesday after the close of regular trading, the ride-hailing app told investors in an investor slideshow that its … Read more
Netflix told investors it has added millions of new customers and has lots of room to grow its revenue — with part of that growth coming from the planned elimination of the cheapest, ad-free plan available to Canadians. According to fourth quarter results, released late Tuesday afternoon, Netflix is planning to “retire” what it refers to as … Read more
This fast-selling item continues to be a goldmine for Costco. The members-only retailer sold a jaw-dropping $100 million worth of one-ounce gold bars in its latest quarter as buyers continue to swoop up the blingy blocks, the company’s CFO Richard Galanti said in an earnings call this week, according to Business Insider. He said … Read more
