Take Stock – September 9

Contractors took out just over $4.6 billion worth of building permits in July, 11.4 per cent fewer than in June.

Toronto strike a factor in building permit slip

Contractors took out just over $4.6 billion worth of building permits in July, 11.4 per cent fewer than in June. Statistics Canada says an important factor in the decline was the strike by civic workers in Toronto, which shut down municipal offices for most of the month. Municipalities issued about $2.6 billion in residential permits in July, down 4.1 per cent, and just over $2.0 billion in non-residential permits, a 19.3 per cent drop. Excluding Toronto, the total value of building permits declined by 1.8 per cent, the value of residential permits increased 7.4 per cent instead of declining and non-residential permits declined 11.6 per cent instead of 19.3. The value of building permits fell in four provinces in July: Ontario, Alberta, Quebec and British Columbia, with Ontario recording the largest slide at 27.5 per cent to $1.4 billion.

The Forzani group reports $4.4 million loss in Q2

Canada’s largest sporting goods retailer cited the recession, poor summer weather, the restructuring of some of its stores and the distraction of a proxy fight for dismal returns in the second-quarter of fiscal 2010. The Forzani Group Ltd. (TSX:FGL), with more than 550 corporate and franchise stores across Canada under 16 banners, said Tuesday it suffered a loss of $4.4 million or 14 cents a share in the quarter. That compared with a profit of $1.5 million or five cents a share in the same quarter last year. Revenue for the period ended Aug. 2 was $296.5 million, almost unchanged from $295.5 million in the year-ago period. Retail system sales, which includes sales from corporate and franchise stores, were $348.4 million, a decrease of $8.3 million or 2.3 per cent from the comparable 13-week sales of $356.7 million in the second quarter of fiscal 2009, the company said. Same-store sales fell one per cent.

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