Restaurant Brands reports Q1 profit and sales down from year ago - BNNBloomberg.ca

TORONTO - The parent company of Tim Hortons saw daily sales fall by more than 40 per cent in the last two weeks of March as the COVID-19 crisis began to take hold in Canada, but has since regained some momentum as it shifted more restaurants to serving food through delivery.

“The COVID-19 pandemic has obviously introduced a wide variety of challenges, but we feel we're well positioned and have the resources we need to come through this,” said Jose Cil, chief executive at Restaurant Brands International Inc., during a conference call with analysts after the company reported its first-quarter financial results.

The company, which also owns Burger King and Popeyes, saw system wide sales fall at two of its brands during the first quarter ended March 31.

Tim Hortons saw a 9.9 per cent decline in the quarter, while Burger King experienced a three per cent drop. Popeyes saw a 32.3 per cent jump thanks in part to the popularity of its chicken sandwich in the U.S.

Comparable sales, a key retail metric, fell 10.3 per cent at Tim Hortons with a 10.8 per cent drop in the Canadian market.

In the last two weeks of March, daily comparable sales at the coffee-and-doughnut chain fell on average by roughly 45 per cent, the company said.

Much of this came from a fall in purchases in the breakfast and snacking categories, Cil said, as customers upended their daily routines in an effort to stay home. That means students heading to school, parents dropping off their kids or employees commuting aren't stopping by Tim Hortons for their usual order.

“You can see that, that day part in particular is the one that's most impacted because it's so routine based and frequency based,” he said in an interview following the call.

The lunch and dinner categories have seen more strength, he noted, adding that trend holds for all of the company's businesses.

Additionally, the company is used to sales picking up on Thursday and into the weekend, he said, but now experiences the strongest performance on weekdays.

The company worked within the constraints of COVID-19 regulations, which prompted some restaurants to close temporarily and others to shutter dine-in services, and focused on expanding its delivery business.

More than 1,000 Tim Hortons restaurants in Canada now offer delivery, he said - up from about 250 less than two months ago. The company is continuing to add more Canadian restaurants into its delivery roster.

Delivery sales saw a more than six-fold increase compared to pre-pandemic levels.

“It's a bigger meal-driven type of experience,” said Cil, adding while there's opportunity to sell beverages and baked goods through this channel, the natural, initial push has been for lunch and dinner items.

RBI also launched curbside pick up options via its mobile apps for North American customers who can't access drive throughs, and adjusted its recent marketing to highlight the ease of using home delivery options.

“On the back of these initiatives, we spurred a positive trend in daily comparable sales growth,” said Cil during the call.

At the end of April, the company saw daily comparable sales at Tim Hortons fall on average by nearly 40 per cent, he said - “a more than 10-point improvement from the lowest level we saw in late March.”

The company noted about 75 per cent of its restaurants around the world remain open - though many with limited service models. In Canada, roughly 85 per cent of the company's Tim Hortons restaurants are open, with many of the temporary closures at locations in universities or within malls.

“We know that the full reopening of all of our restaurants and service modes will take some time yet, but we're encouraged by early signs of improvement in sales trends across many of our major markets,” he said.

The commentary came as RBI, which keeps its books in U.S. dollars, reported its quarterly profit fell compared with a year ago. It earned a net income of US$224 million or 48 cents per diluted share for the quarter ended March 31, down from a net income of US$246 million or 53 cents per share in the same quarter a year earlier.

Revenue totalled nearly US$1.23 billion, down from nearly $1.27 billion in the first three months of 2019.

On an adjusted basis, the company earned US$227 million or 48 cents per share for the quarter, down from an adjusted profit of US$255 million or 55 cents per share a year ago.

Analysts on average had expected a profit of 51 cents per share and US$1.23 billion in revenue, according to financial markets data firm Refinitiv.

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2020-05-01 15:36:08Z
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Morneau names Tiff Macklem new Bank of Canada governor - CTV News

OTTAWA -- Tiff Macklem, a former second-in-command at the Bank of Canada, is returning to the central bank to take over the top job at a moment that he says cries out for bold, unprecedented responses to the economic crisis fuelled by COVID-19.

And he suggested that once the current crisis passes, a key focus for the bank will be how climate change will shape the economy, productivity, spending, and ultimately prices.

But seated alongside the man he will replace, Stephen Poloz, and Finance Minister Bill Morneau, Macklem said there is a "need to try and overwhelm the crisis" to stabilize the economy and "restore confidence."

So far, the central bank has slashed its target overnight interest rate to 0.25 per cent and started an unprecedented bond-purchasing program to fund federal fiscal stimulus that stands at over $146 billion.

All of that would qualify as "bold, unconventional policy responses" that embrace the idea that "you've got to think beyond the normal responses," said Macklem, now the dean of the business school at the University of Toronto.

He cautioned against negative interest rates, calling them too disruptive for an already disrupted financial system, adding he was comfortable with 0.25 per cent being as low as the bank would go.

"It's really critical that credit keep flowing, that (businesses) can borrow money to get them through this and a critical function of the Bank of Canada is to provide the liquidity to keep the financial system functioning," Macklem said.

"As the restrictions are lifted, the economy will start to bounce back, it's not going to be a snap back to normal. It's going to be a phased approach, where this virus is going to be out there for some time and the Bank of Canada will play its role."

The bank controls the country's money supply, trying to support economic growth and stability while keeping inflation on target. As well, the governor's statements about the economy and the financial system set trends and move markets -- all roles Macklem knows well.

Macklem was the No. 2 at the Bank of Canada just over a decade ago as Canada emerged from the global financial crisis, and played a senior role within the central bank during the crisis itself. Claire Kennedy, who chaired the bank's recruitment committee that recommended Macklem, said in a statement that background was part of the reason Macklem was tapped for the job.

Finance Minister Bill Morneau said what the bank and government were looking for was "someone with the deep expertise and understanding not only of the Canadian economy, but the global economy and the current challenge."

Macklem has taken an interest in recent years in the role of artificial intelligence in the economy, as well as climate change. Last year, he led a government-struck panel that recommended the creation of tax credits to encourage Canadians to put their retirement savings into climate-conscious investments.

"Climate change is a major force that's going to be impacting the economy, like globalization, like technological change," Macklem said Friday.

"We will be looking at climate change along with a host of other major economic forces acting on the economy to the extent that they affect inflation."

By naming Macklem as the bank's 10th governor, the government highlighted the need for "institutional stability" at the Bank of Canada, wrote CIBC chief economist Avery Shenfeld, and he is unlikely to represent a major change at the central bank.

Born in Montreal, Macklem was considered a top candidate to become governor in 2013, but was passed over when Poloz was appointed. Similarly, Carolyn Wilkins, the bank's current No. 2, was considered high on the list of successors when Poloz steps down from the job on June 2.

Poloz called leaving the his dream job as governor "bittersweet."

"Every governor understands that you are a steward," he said, "and handing over the reins to someone as capable as Tiff Macklem means the bank and its role in supporting Canadians is in solid hands."

This report by The Canadian Press was first published May 1, 2020

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2020-05-01 17:17:04Z
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Tiff Macklem to lead the Bank of Canada - CBC.ca

Finance Minister Bill Morneau has appointed Tiff Macklem, the former senior deputy governor of the Bank of Canada, to take over the top job at the central bank as it navigates the uncertainty of a pandemic-driven recession.

Macklem is currently the dean of the Rotman School of Management in Toronto, but had spent decades with the Bank of Canada before starting that appointment. 

Macklem began his career at the bank in 1984. He was widely expected to win the contest for bank governor in 2013, but was beaten out by Stephen Poloz, who was then CEO of Export Development Canada.

Poloz's term ends June 2. 

Time of financial uncertainty

The transition to new leadership comes as millions of Canadians have signed up for government aid and companies big and small are relying on federally backed wage subsidies to weather the COVID-19 pandemic.

During Friday's announcement, Morneau said he's confident Macklem's expertise in financial markets will help the central bank navigate an economic crisis never before seen in Canada.

"The bank has to be humble about what it doesn't know. There's a lot we don't know about this disease. There's a lot that medical experts don't know about this disease," Macklem said during his unveiling in Ottawa.

"But the Bank of Canada has tremendous analytic economic financial capacity to analyze what's going on in the economy, and the important role for the Bank of Canada is to provide Canadians with as much information as it can honestly provide as to what is happening and what the recovery could look like, recognizing that we're probably going to have to look at more than one scenario."

In the past months, Poloz and Morneau have appeared at several joint news conferences to show a co-ordinated approach on monetary and fiscal policy to deal with the economic fallout of the pandemic and global oil shocks.

Morneau has announced more than $250 billion in direct financial aid, credit support and tax deferrals to help offset the impact of the COVID-19 pandemic.

Record-low interest rates

Poloz has cut interest rates to a record low of 0.25 per cent, committed the central bank to buying billions in government bonds each week until the economy is in recovery and taken steps to strengthen liquidity in the banking sector.

The person who replaces Poloz will be facing an economy that, according to the bank's own projections, could shrink by 30 per cent or more in the second quarter.

Governor of the Bank of Canada Stephen Poloz announced last December that he was stepping down. (Justin Tang/The Canadian Press)

The next government will have practically no room to use interest rate cuts to help the economy. Poloz has already taken the unprecedented step — in Canada at least — of directly buying government bonds.

That limited flexibility is compounded by the rapid use of the federal government's fiscal firepower to put a financial floor under Canadian households and businesses.

The parliamentary budget officer said it's likely the federal deficit for the year will hit $252 billion as a result of the COVID-19 pandemic, and could go even higher if emergency measures remain in place longer than planned.

In selecting Macklem, the government passed over Poloz's top deputy, Carolyn Wilkins, the first woman to serve as the bank's senior deputy governor. She would have been the first woman to serve as governor.

Wilkins was viewed by many as the front-runner for the position and would have provided some continuity at the country's central bank as it navigates the uncertainty of a pandemic-driven recession.

WATCH | Morneau announces Tiff Macklem as governor of the Bank of Canada:

Federal Finance Minister Bill Morneau spoke with reporters on Parliament Hill on Friday 1:49

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2020-05-01 15:08:00Z
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Tiff Macklem to lead the Bank of Canada - Jimmys Post

Finance Minister Bill Morneau is poised to announce the next governor of the Bank of Canada, changing the leadership of the country’s central bank as it navigates the uncertainty of a pandemic-driven recession.

Multiple sources confirm the announcement will be made early Friday as Justin Trudeau’s Liberal government is ready to announce Stephen Poloz’s successor, whose term as governor ends in June.

The news of the impending announcement was first reported by Bloomberg.

Two names have emerged as the most likely candidates to replace Poloz. Tiff Macklen is a former senior deputy governor of the Bank of Canada and the current dean of the Rotman School of Management. And Carolyn Wilkins is the current senior deputy governor of the bank.

Carolyn Wilkins is senior deputy governor of the Bank of Canada. (Sean Kilpatrick/The Canadian Press)

Wilkins is the first woman to serve as senior deputy governor and would be the first woman to serve as governor.

The transition comes as millions of Canadians have signed up for government aid and companies — big and small — are relying on federally-backed wage subsidies to survive.

In the past months, Poloz and Morneau have appeared at several joint news conferences to show a coordinated approach on monetary and fiscal policy to deal with the economic fallout of the pandemic and global oil shock.

Morneau has announced more than $250-billion in direct financial aid, credit support and tax deferrals to help offset the impact of the COVID-19 pandemic.

Tiff Macklen, left, is a former senior deputy governor of the Bank of Canada and current dean of the Rotman School of Management

Poloz has cut interest rates to a record low of 0.25 per cent, committed the central bank to buying billions in government bonds each week until the economy is in recovery, and taken steps to strengthen liquidity in the banking sector.

The person who replaces Poloz will be facing an economy which, according to the Bank’s own projections, could shrink by 30 per cent or more in the second quarter.

The next government will have practically no room to use interest rate cuts to help the economy. Poloz has already taken the unprecedented step — in Canada — of directly buying government bonds.

That limited flexibility is compounded by the rapid use of the federal government’s fiscal firepower to put a financial floor under Canadian households and businesses.

The parliamentary budget officer says it’s likely the federal deficit for the year will hit $252 billion as a result of the COVID-19 pandemic, and could go even higher if emergency measures remain in place longer than planned.

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2020-05-01 14:20:00Z
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As meat plant infections rise, Canada lets packers choose when to close - Reuters

WINNIPEG, Manitoba (Reuters) - In Cargill Inc’s High River, Alberta plant, supplier of more than one-third of Canada’s beef, 391 workers were sick with coronavirus when the company suspended operations, according to provincial health officials.

FILE PHOTO: A man works to sterilize meat processing and packaging equipment at the Maple Leaf Foods plant in Toronto August 21, 2008. Canadian health officials searched for more clues on Thursday into the source and extent of a listeriosis food poisoning outbreak that has made more than a dozen people sick and caused one death. The company and health officials found listeria monocytogenes in two products made by the company, although genetic testing has not yet determined whether it is the same strain that caused the outbreak, associate chief medical officer David Williams said. REUTERS/Mark Blinch/File Photo

But Maple Leaf Foods (MFI.TO) decided to idle a poultry plant for eight days, in Brampton, Ontario, after just three workers were infected.

In Canada’s fight against the pandemic, public health officials are mostly leaving decisions on closing meat plants to the companies, even though the authorities have power to do so. Alberta Health Services (AHS), for example, could close a plant with unsafe conditions, spokesman Tom McMillan said.

The impact of such decisions extends beyond plant walls. They are at the heart of Alberta’s two largest community outbreaks, and could foreshadow dilemmas likely to emerge as other industries restart.

Canada’s stance contrasts a more active U.S. political role with infected plants, as close-quarters work has led workers in numerous North American plants to fall ill or walk off the job. President Donald Trump ordered meat plants on Tuesday to stay open, and state and local officials earlier pushed successfully for some to close, including Smithfield Foods’ South Dakota slaughterhouse.

Jon Nash, President of Cargill Protein North America, said Cargill reduced production at its Alberta plant on April 13 and remained open before closing entirely a week later to avoid wasting food, and because ranchers needed a market for cattle.

Factors outside the Cargill plant, such as crowded households and carpooling, contributed to the spread in High River, health officials said.

Cargill said on Wednesday that High River would resume reduced production on May 4 after a two-week closure for cleaning and additional safety measures.

Cargill’s decision to operate as long as it did before the temporary closure rankled some workers.

“It absolutely pisses me off,” said Jamie Welsh-Rollo, a single mom who seals meat in plastic in the High River plant, and is a United Food and Commercial Workers Union (UFCW) shop steward. “We’re looked at as numbers.”

At least eight Canadian meat plants have closed temporarily due to the pandemic. As of Wednesday, 821 Cargill workers at High River, about 37% of the workforce, were infected, including one death.

And Cargill is not alone. A JBS SA (JBSS3.SA) beef plant in Brooks, Alberta slowed production but remains open after 276 infections and one death.

CAUTION AT MAPLE LEAF

Maple Leaf, in closing its Ontario plant, considered that the city of Brampton itself was a coronavirus hotspot and that the company was short of face masks to supply all 340 workers, said Randy Huffman, its chief food safety officer.

The few initial cases eventually tallied 26 after more testing.

“There were some challenging discussions,” Huffman said in an interview. “We needed to have greater confidence that the plant could operate safely.”

A deadly illness outbreak 12 years earlier due to contaminated meat in a Maple Leaf plant factored in its response, he said.

While Maple Leaf made the decision to close, it consulted widely, Huffman said - with an occupational health doctor, local and federal health authorities.

“I don’t think leaving it up to any one entity is the best outcome.”

In rare examples of Canadian authorities stepping in, British Columbia health regions closed United Poultry on April 21 after 28 cases were found at the Vancouver plant, and shut Superior Poultry on April 24 after two initial cases.

In High River, Welsh-Rollo feared passing the virus to her four-year-old son, who has an auto-immune deficiency, and saw problems with Cargill’s precautions.

Cargill asked health screening questions in English to workers entering the plant, many of whom are immigrants or foreign workers, she said. The 31-year-old plant was too cramped to make distancing measures effective, she said.

Cargill’s Nash said the company has worked closely with AHS on safety protocols, including face masks for workers.

Adrienne South, spokeswoman for Alberta’s Labour Minister, said multiple ministries helped ensure the plant’s safety but added that “the Canadian Food Inspection Agency (CFIA) is responsible for the plant.”

CFIA said in a statement that it cannot suspend plant operations over coronavirus, since its authority to stop food production over health risks is limited to food safety concerns.

The decisions to prolong operations baffle Sylvain Charlebois, director of the Agri-Food Analytics Lab at Dalhousie University, an institute that analyzes food and agriculture issues.

“I don’t understand why it took so long (to close) at High River and I don’t understand why Brooks is still operating,” he said.

Reporting by Rod Nickel in Winnipeg, Manitoba; additional reporting by Tom Polansek in Chicago, Allison Martell and Moira Warburton in Toronto and Kelsey Johnson in Ottawa; Editing by Denny Thomas and Edward Tobin

Our Standards:The Thomson Reuters Trust Principles.

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2020-05-01 11:50:41Z
CAIiEGLGVf7CNwYp7VVgbRfcfoQqFggEKg0IACoGCAowt6AMMLAmMKT5lwM

Tiff Macklem to lead the Bank of Canada - CBC.ca

Finance Minister Bill Morneau has appointed Tiff Macklem, the former senior deputy governor of the Bank of Canada, to take over the top job at the central bank.

Macklem is currently the dean of the Rotman School of Management in Toronto, but had spent decades with the Bank of Canada before starting that appointment. 

Macklem began his career at the bank in 1984. He was widely expected to win the contest for bank governor in 2013, but was beaten out by Stephen Poloz, who was then CEO of Export Development Canada.

Poloz's term ends June 2. 

Time of financial uncertainty

In selecting Macklem, the government passed over Poloz's top deputy, Carolyn Wilkins, the first woman to serve as the bank's senior deputy governor and would have been the first woman to serve as governor.

Wilkins was viewed by many as the front-runner for the position and would have provided some continuity at the country's central bank as it navigates the uncertainty of a pandemic-driven recession.

The transition to new leadership comes as millions of Canadians have signed up for government aid and companies big and small are relying on federally backed wage subsidies to survive.

In the past months, Poloz and Morneau have appeared at several joint news conferences to show a co-ordinated approach on monetary and fiscal policy to deal with the economic fallout of the pandemic and global oil shocks.

Morneau has announced more than $250 billion in direct financial aid, credit support and tax deferrals to help offset the impact of the COVID-19 pandemic.

Record-low interest rates

Poloz has cut interest rates to a record low of 0.25 per cent, committed the central bank to buying billions in government bonds each week until the economy is in recovery and taken steps to strengthen liquidity in the banking sector.

The person who replaces Poloz will be facing an economy that, according to the bank's own projections, could shrink by 30 per cent or more in the second quarter.

Tiff Macklem, then Bank of Canada deputy governor, appears at a Commons finance committee on Parliament Hill in Ottawa on Tuesday, April 23, 2013. Macklem was named governor on Friday. (Sean Kilpatrick/Canadian Press)

The next government will have practically no room to use interest rate cuts to help the economy. Poloz has already taken the unprecedented step — in Canada at least — of directly buying government bonds.

That limited flexibility is compounded by the rapid use of the federal government's fiscal firepower to put a financial floor under Canadian households and businesses.

The parliamentary budget officer said it's likely the federal deficit for the year will hit $252 billion as a result of the COVID-19 pandemic, and could go even higher if emergency measures remain in place longer than planned.

WATCH: Morneau announces Tiff Macklem as Governor of the Bank of Canada

Federal Finance Minister Bill Morneau spoke with reporters on Parliament Hill on Friday 1:49

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2020-05-01 14:12:00Z
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Premarket: World stocks fall further after Trump’s China tariff threat - The Globe and Mail

World stocks pulled back further on Friday on grim U.S. economic data, mixed company results and President Donald Trump’s threat to impose new tariffs on China over the coronavirus crisis.

MSCI’s index of global stocks fell 0.5% after a tumble late Thursday broke a six-day winning streak for the index.

London-listed stocks fell as data showed the UK housing market was grinding to a halt, with the FTSE 100 down 2.2%, wiping out much of the strong gains earlier in the week.

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British Airways operator IAG shed another 2.6% as details of its plans to cut staffing, including a quarter of its pilots, to weather the collapse in air travel caused by the coronavirus.

Trading volumes were thin with many European markets closed for a May 1 public holiday.

In Asia, with many markets closed, the benchmark Nikkei index fell 2.8%, with declines led by chipmaking firms. Australian shares fell 5%, their most in five weeks.

The negative sentiment was set by comments from Trump on Thursday that he was concerned about China’s role in the origin and spread of the novel coronavirus and that his hard-fought trade deal with China was now of secondary importance to the pandemic. He threatened new tariffs on Beijing, as his administration crafted retaliatory measures over the outbreak.

Meanwhile, U.S. initial jobless claims totalled 3.84 million for the week ended April 25 and personal spending tumbled 7.5% in March, the biggest decline on record. All that came a day after figures showed the biggest quarterly contraction for the U.S. economy since the Great Recession.

The U.S. Federal Reserve widened a key program to help the economy, agreeing to lend to even larger firms, bringing the dollar under some selling pressure. The currency, which has so far been remarkably resilient, fell to two-week lows and is set for a 2% weekly loss. It has steadied somewhat this morning, however.

The dollar was down slightly against the Japanese yen, trading at 107.07 yen, though another metric of distress in the markets -- the Australian dollar -- fell by 1% to 0.6447, its weakest since Tuesday.

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Oil prices rose, helped by major producers starting output cuts to offset a slump in fuel demand and by data showing U.S. crude inventories expanded less than expected.

Brent crude for July delivery, was up 22 cents, or 0.8%, at $26.70 a barrel, after rising about 11% in April. It has still slumped around 60% this year. U.S. crude for June delivery rose 34 cents, or 1.8%, to $19.18 a barrel. But U.S. oil fell for a fourth month in April and is down 70% this year.

Reuters

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2020-05-01 08:53:10Z
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