Walmart Canada continued to make new sales and market share gains in the second quarter as it lowered prices to draw in consumers. The mass merchant reported strong Canadian results in the period ended July 28, with a net sales increase of 3.4 per cent and same-store sales growth of 2.5 per cent, making it one of the Arkansas-based parent company’s strongest performing divisions. Customer traffic rose 1.4 per cent and transaction size grew 1.1 per cent. “We further improved our price position against competitors, which contributed to market share gains in key traffic driving categories such as food and consumables,” Brett Biggs, the company’s chief financial officer, said during a morning investor conference call Thursday. “Inventory was also a focus, as the team reduced overall levels even as sales increased.”...
Hollie Shaw: A group of aggrieved creditors wants to sue the executive officers and directors of Sears Canada for negligence and intends to ask an Ontario judge Friday to schedule a hearing for their motion on whether they can proceed with their claim. A number of suppliers and construction companies collectively owed millions by the struggling retailer want to make a legal motion to lift the court-ordered stay that protects Sears Canada from paying its creditors during the bankruptcy protection process, in order to allow the companies to pursue a claim of “negligent misrepresentation and oppression” against Sears brass. Traugott Building Contractors Inc., owed $2.75 million, and Rossclair Contractors Inc., owed $581,650, are among the companies who want to make the claim...
Leon's Furniture Limited, Canada’s largest discount furniture and appliance retailer, was ordered to pay $2.36 million, including $1 million in punitive damages, to thousands of consumers after the Quebec Superior Court found that it engaged in deceptive advertising and marketing with its popular “buy now, pay later” promotions. The ruling, one of a handful of Quebec class actions that was decided on its merits, represents a convincing victory for consumer rights and serves as a cautionary tale for business that rely on false and misleading advertising pitches to lure customers, according to legal experts...
CIBC and President's Choice Financial are amicably breaking up a 20-year banking marriage and divvying up the assets — news one financial expert says isn't necessarily a good or bad thing for consumers. In a nutshell, President's Choice Financial will keep the PC Financial MasterCard credit card service and the PC Plus loyalty program, while the two million PC Financial banking customers will move to CIBC's new service called Simplii Financial. CIBC says these customers can continue to use their chequing, savings and other accounts without interruption and expect the same no-fee daily banking when the Simplii Financial service begins Nov. 1...
Edward Record comes to Hudson's Bay from J.C. Penney Co Inc, where he has been CFO for more than three years.