Canadian Tire says better performance across Canada overshadows Alberta

TORONTO – A slowdown in Alberta’s energy sector has added pressure to sales at Canadian Tire Corp., but the head of the company says the rest of the country is more than compensating for the weakness.President and CEO Michael Medline told analysts on Thursday that strength in Ontario, Quebec and British Columbia is overshadowing the impact from trouble in Canada’s oilsands.“Alberta is going to be weak for a while,” he said in a conference call after the retailer posted its latest financial results.“What we’re seeing is great strength in other places.”Medline set aside two of his biggest concerns — the weaker loonie and trouble in the oil industry — to highlight a number of positive factors heading into the busy holiday shopping season.He pointed to “extraordinary results out of Ontario that I haven’t seen — and I don’t remember ever seeing.”“Quebec, which had been lagging, is doing very well … and B.C. is booming,” he added.The company doesn’t disclose its financial results by region.Canadian Tire (TSX:CTC) reported that third-quarter profits rose 20.5 per cent on stronger sales overall.The retailer, which sells a wide array of automotive, hardware and sports products, reported net income of $199.7 million from $172.2 million a year ago.On a per share basis, the results were equivalent to $2.62 versus $2.17 in the comparable period.The company’s total revenue increased 1.9 per cent to $3.13 billion from $3.07 billion.Within its retail division, sales grew two per cent, though they were hindered by the negative effects lower oil prices had on gasoline sales.In August, Medline singled out Fort McMurray, Alta., Canada’s oil hub, as a region where sales would be disproportionately affected as the oil industry continued to cut jobs.A large portion of that impact has landed on Mark’s, its workwear and boots stores, which saw sales and margin challenges.The Mark’s division, which is the smallest segment of Canadian Tire, saw same-store sales — outlets open for at least a year — drop 0.2 per cent in the period.Follow @dj_friend on Twitter. Canadian Tire says better performance across Canada overshadows Alberta by David Friend, The Canadian Press Posted Nov 12, 2015 9:39 am MDT Last Updated Nov 12, 2015 at 2:24 pm MDT AddThis Sharing ButtonsShare to TwitterTwitterShare to FacebookFacebookShare to RedditRedditShare to 電子郵件Email read more

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Nissan turns the light on for taxi manufacturing in Coventry

Nissan has announced that its new NV200-derived Taxi for London will be assembled in partnership with ADV Manufacturing in Coventry, marking a joint investment of £6 million.Final assembly of the new Taxi for London, which was penned at Nissan’s European Design Centre in London, will take place at ADV’s newly-constructed facility in the West Midlands. Bespoke bodywork, interior, suspension and steering will be fitted to the taxi, with first deliveries expected in December 2014. A pure electric version, which has batteries manufactured in Sunderland, will be launched in 2015.Speaking at the prestigious Bugatti Lecture at Coventry University, Andy Palmer, Chief Planning Officer and Executive Vice President of Nissan Motor Corporation, said, “Our new Taxi for London is part of a wider, international taxi programme that forms a key part of Nissan’s global strategy, so we are naturally being very prudent in selecting our partners. ADV has demonstrated that it has the proficiency and capability to deliver what we believe will become a new icon for London.“We are pleased to be reinforcing once again our commitment to the British automotive industry and the fact that our black cabs will be rolling off the production line in Coventry, with its long history in the taxi business, is an added bonus.”ADV, which reshored from Italy in 2011, also announced that it is already recruiting more engineers and technicians to reinforce its production and development teams.Brendan O’Toole, CEO of ADV Manufacturing said, “With Coventry University turning out world class engineers and an army of great workers steeped in automotive manufacturing disciplines right on our doorstep, we couldn’t be located in a better place to launch such an exciting and prestigious project as the New Taxi for London. We anticipate the Nissan taxi will become the new market standard and thereby underpin sustainable jobs at ADV for many years”.The joint-investment has also been supported by a loan of nearly £4 million through AMSCI (Advanced Manufacturing and Supply Chain initiative, government’s jobs creation fund for manufacturing).Click to share on Facebook (Opens in new window)Click to share on Twitter (Opens in new window) read more

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