Latest news with #JasonPotter
Winnipeg Free Press
3 days ago
- Business
- Winnipeg Free Press
Clear Lake coalition seeks judicial review of Parks Canada's sudden ‘gut punch' decision banning power boats
Cottagers and businesses at Riding Mountain National Park are asking for a judicial review of a decision by the federal park's superintendent to ban motorboats on Clear Lake just weeks after giving them the green light. In a notice of application to the Federal Court of Canada, filed earlier this week by several organizations and individuals, including Clear Lake Country Destination Marketing Organization, Clear Lake Cottage Owners Association and Clear Lake Country Boat and RV Storage, are asking a judge to declare the decision was 'invalid or unlawful' and allow motorboats back on the lake. But Jason Potter, president of the Wasagaming Chamber of Commerce, which is one of the four founding organizations of Fairness for Clear Lake, said the ban changes what has been lake life there for decades. Earlier this year, Parks Canada said the pier at Clear Lake was expected to reopen fully this summer. (Connor McDowell / Brandon Sun files) 'It was a complete shock and a gut punch,' Potter said of the May decision that reversed an announcement in January allowing powered boats on the water. 'Right away we want the boats. We want people to enjoy Clear Lake like they have for generations. We also want Parks Canada to be fair and accessible to us — we hadn't heard anything before this decision was made.' No one with Parks Canada could be reached for comment. Last summer, powered boats were banned following the discovery of zebra mussels at the marina several months earlier. In January, after Parks Canada said it was not feasible to try to eradicate the invasive and destructive species from the lake because the spread had gone beyond the marina, the federal department said it would return to its 2023 one boat, one lake policy. Under the policy, boaters select a lake, and that's the only body of water they can use for the rest of the season. If the boat is taken out of a lake, it must be decontaminated and pass an Aquatic Invasive Species inspection before it can be launched elsewhere. But cottagers and business owners were angered when suddenly, with no advance notice, Parks Canada announced at the beginning of the May long weekend that only non-motorized watercraft — including canoes and kayaks — would be allowed, but even they had to have an annual permit for use only on Clear Lake. Parks Canada said at the time the move was 'a continuation of Parks Canada's attempts to reduce zebra mussel spread in Clear Lake and the potential damage that may be caused to downstream water bodies and related infrastructure.' Fairness for Clear Lake has already raised more than $92,000 of a $100,000 goal in a crowd-funding campaign to be used for 'legal action, advocacy, and communications efforts.' The donors include $10,000 from the Elkhorn Resort, $5,000 from Lakehouse Properties, $5,000 from Collyer Construction, and $1,000 from the South End Lumber Timbermart. In the court document, the cottage and business groups argue Parks Canada's decision was unreasonable and say the minister responsible for the federal agency failed to provide for public consultation, which they claim is a requirement under legislation. Potter said the park superintendent met with cottagers and business owners the day after the decision came out. 'She had no sympathy at all,' he said. 'She said she made the decision.' Potter said the effects of the ban are already rippling out, but will be felt fully in July and August. He said there are already signs that cottages are not selling quickly like they have in the past. Sundays Kevin Rollason's Sunday newsletter honouring and remembering lives well-lived in Manitoba. Potter said the owner of Clear Lake Marina, which not only rents boats, but also offers cruises on the Martese ship, also wasn't given any advance notice of the ban. 'He was going to open on the May long weekend and he had everything ready to go, and all of a sudden on the Friday he is told that is no longer allowed. The marina had hired 30 people to work there this summer and he had to lay off the majority of them,' Potter said. Kelsey Connor, the marina's president, could not be reached for comment. But last month he told the Free Press the ban 'completely blindsided us. 'Parks Canada managers and staff have straight-up lied to and misled me over the phone, face to face and eye to eye leading up to this announcement.' Kevin RollasonReporter Kevin Rollason is a general assignment reporter at the Free Press. He graduated from Western University with a Masters of Journalism in 1985 and worked at the Winnipeg Sun until 1988, when he joined the Free Press. He has served as the Free Press's city hall and law courts reporter and has won several awards, including a National Newspaper Award. Read more about Kevin. Every piece of reporting Kevin produces is reviewed by an editing team before it is posted online or published in print — part of the Free Press's tradition, since 1872, of producing reliable independent journalism. Read more about Free Press's history and mandate, and learn how our newsroom operates. Our newsroom depends on a growing audience of readers to power our journalism. If you are not a paid reader, please consider becoming a subscriber. Our newsroom depends on its audience of readers to power our journalism. Thank you for your support.
Yahoo
20-05-2025
- Business
- Yahoo
GO Q1 Earnings Call: Management Cites Execution Initiatives Amid Flat Same-Store Sales
Discount grocery store chain Grocery Outlet (NASDAQ:GO) met Wall Street's revenue expectations in Q1 CY2025, with sales up 8.5% year on year to $1.13 billion. The company's outlook for the full year was close to analysts' estimates with revenue guided to $4.75 billion at the midpoint. Its non-GAAP profit of $0.13 per share was 87.6% above analysts' consensus estimates. Is now the time to buy GO? Find out in our full research report (it's free). Revenue: $1.13 billion vs analyst estimates of $1.12 billion (8.5% year-on-year growth, in line) Adjusted EPS: $0.13 vs analyst estimates of $0.07 (87.6% beat) Adjusted EBITDA: $51.89 million vs analyst estimates of $48.8 million (4.6% margin, 6.3% beat) The company reconfirmed its revenue guidance for the full year of $4.75 billion at the midpoint Management reiterated its full-year Adjusted EPS guidance of $0.73 at the midpoint EBITDA guidance for the full year is $265 million at the midpoint, below analyst estimates of $268.2 million Operating Margin: -2%, down from 0.1% in the same quarter last year Free Cash Flow was -$1.51 million compared to -$38.43 million in the same quarter last year Locations: 543 at quarter end, up from 474 in the same quarter last year Same-Store Sales were flat year on year (3.9% in the same quarter last year) Market Capitalization: $1.39 billion Grocery Outlet's first quarter was shaped by steady store expansion and improvements in inventory management, which management identified as key drivers of performance. CEO Jason Potter highlighted that the company's focus on new store openings, enhanced supply chain systems, and improvements in shrink (inventory loss) supported an 8.5% rise in sales. Potter also noted that the rollout of a real-time order guide and stronger supplier relationships have started to improve inventory visibility and product assortment, although same-store sales remained flat year over year due to softer average basket sizes. Looking ahead, management's forward guidance rests on executing several initiatives aimed at driving basket size and operational efficiency. CFO Chris Miller pointed to cost containment efforts and ongoing investments in store experience as central to delivering on full-year profitability targets. Management acknowledged macroeconomic uncertainty, with Potter stating, 'We are moderating our outlook for annual comp store sales growth, reflecting current trends in the business as well as uncertainty given the macroeconomic environment.' The company plans to continue prioritizing gross margin improvement and disciplined capital allocation while adapting to changing consumer behavior. Management focused on operational improvements and strategic initiatives to address both short-term challenges and long-term growth potential. Inventory management progress: The rollout of a real-time order guide system in key regions improved inventory visibility for independent operators, leading to higher fill rates and more efficient product replenishment. This initiative is expected to help match supply with demand more effectively. Store expansion and clustering: Grocery Outlet opened 10 net new stores during the quarter and is piloting a more data-driven approach to real estate selection. The company is clustering new stores in markets with high brand awareness to enhance returns and is testing lower capital expenditure formats to address inflationary pressures. Leadership transitions: The company announced the upcoming retirements of its Chief Operations Officer and Chief Store Officer, with a new Chief Information Officer already playing a key role in systems integration. Management is also searching for additional merchandising and supply chain leadership talent to strengthen execution. Cost efficiency initiatives: A company-wide program targeting indirect procurement—such as freight, supplies, and IT expenses—was launched to improve profitability. Supply chain consolidation, including the reduction from five to one distribution center in the Pacific Northwest, aims to drive efficiency gains. Product mix and private label focus: Management emphasized a stronger mix of opportunistic products (items acquired at a discount for resale) and private label offerings to improve margins. Efforts to improve the quality of fresh produce and everyday essentials are designed to encourage larger customer baskets and repeat visits. Management's outlook for the coming quarters centers on driving same-store sales growth and margin expansion through operational execution and commercial initiatives. Store performance optimization: Management is piloting new commercial execution strategies and clustering store openings in established markets, aiming to improve returns on invested capital and support sustainable expansion. Basket size improvement: Initiatives targeting in-stock levels, assortment enhancements, and fresh product quality are expected to help increase the average number of items per customer transaction, a key factor for comparable sales growth. Cost and supply chain discipline: Ongoing programs in indirect procurement and supply chain consolidation are intended to offset inflationary pressures and contribute to margin improvement. However, management cautioned that macroeconomic uncertainty and consumer behavior shifts could affect top-line momentum. Anthony Bonadio (Wells Fargo): Asked about the company's strategic direction under new leadership. CEO Jason Potter reiterated a focus on execution, brand strength, and building operational capabilities to drive long-term performance. Corey Tarlowe (Jefferies): Inquired about the drivers behind the updated comp store sales outlook. Management cited softer average basket sizes and macro uncertainty, but expects sequential improvement as commercial initiatives ramp up. Robbie Ohmes (Bank of America): Sought details on the impact of the real-time order guide. Management reported improved fill rates and positive operator feedback but noted that sales impact would materialize over time as execution improves. Michael Baker (D.A. Davidson): Queried about the April sales trend and price competitiveness. Management acknowledged a softer start to April and emphasized the importance of maintaining tight pricing relative to competitors. Anthony Chukumba (Loop Capital Markets): Asked about the scope of cost reduction efforts. CFO Chris Miller highlighted indirect procurement and supply chain consolidation as key areas, noting a disciplined and methodical approach to cost savings. In the coming quarters, the StockStory team will be monitoring (1) the rollout and effectiveness of the real-time order guide system across all regions, (2) the progress of new store clustering and lower CapEx pilots in enhancing returns and customer experience, and (3) execution of cost efficiency initiatives, particularly supply chain consolidation. We will also watch for any inflection in same-store sales as assortment and merchandising efforts gain traction. Grocery Outlet currently trades at a forward P/E ratio of 18×. In the wake of earnings, is it a buy or sell? See for yourself in our free research report. Donald Trump's victory in the 2024 U.S. Presidential Election sent major indices to all-time highs, but stocks have retraced as investors debate the health of the economy and the potential impact of tariffs. While this leaves much uncertainty around 2025, a few companies are poised for long-term gains regardless of the political or macroeconomic climate, like our Top 9 Market-Beating Stocks. This is a curated list of our High Quality stocks that have generated a market-beating return of 176% over the last five years. Stocks that made our list in 2020 include now familiar names such as Nvidia (+1,545% between March 2020 and March 2025) as well as under-the-radar businesses like the once-small-cap company Exlservice (+354% five-year return). Find your next big winner with StockStory today.
Yahoo
09-05-2025
- Business
- Yahoo
Grocery Outlet opens 11 new stores in Q1
You can find original article here Supermarketnews. Subscribe to our free daily Supermarketnews newsletter. Grocery Outlet is making headway in its restructuring laid out in the fourth quarter, opening a net 10 new stores in Q1 and achieving nearly a third of its plan for 33 to 35 new locations by the end of the year. The grocery chain ended the first quarter with 543 stores across 16 states. Newly appointed CEO, Jason Potter, who previously served as CEO of The Fresh Market and joined Grocery Outlet in late January, said the grocery retailer also delivered on its first quarter outlook for its established stores with comparable store sales up 0.3% from 2024. 'These stores are off to a solid start, performing ahead of expectations. We also exceed our gross margin outlook by improving our shrink run rate through improved inventory, visibility, reporting, and execution,' he said. Potter said he kicked off the quarter with a tour of more than 50 stores and dozens of the chain's suppliers. 'I've listened, gained valuable and candid feedback and learned more about what matters to all of them,' he said in the earnings call on Tuesday. Potter said he remains 'bullish' on the grocery retailer's ability to improve costs and margin while growing. 'As I've said, I believe with the right focus and execution, this business can be much larger and much more profitable in the future. Achieving our potential, however, requires that focused execution,' he said. He said the company has set four strategic imperatives to achieve its goals: Tackling new store performance to drive long-term growth and strengthen returns on invested capital Securing top talent to activate the strategy Addressing execution gaps by continuing to make progress on systems to improve performance Improving the ability to execute at scale by strengthening leadership, opportunistic buying, and becoming a leading selling organization that delivers a winning customer experience The turnaround effort follows a difficult period for Grocery Outlet over the last year. '2024 was a year in which many critical operational elements were out of sync, which was further exacerbated by trying to do too much, too fast. But we're working urgently to get back on track,' Grocery Outlet Chairman Eric Lindberg said in February. Grocery Outlet reported that net sales rose 8.5% year over year for the quarter. Meanwhile, gross margin improved to 30.4% from 29.3% the previous year. Adjusted net income reached $13 million, or $0.13 per diluted adjusted share, up from $8.8 million, or $0.09 per diluted adjusted share, last year. Adjusted EBITDA increased by 31.7% to $51.9 million, representing 4.6% of net sales. Grocery Outlet also announced the departures of Ramesh Chikkala, EVP, chief operations officer, who is retiring this June, and Pamela Burke, EVP, chief stores officer, who will retire later this year. 'Pam has led a number of functions and forged strong relationships with our IOs during her decade with the company. Ramesh has helped stabilize and build leadership teams to drive systems improvements, while also strengthening our supply chain,' Potter said. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
23-04-2025
- Business
- Yahoo
Wingspire Equipment Finance Provides Over $20 Million in Equipment Financing to Leading Aviation Services Provider
TUSTIN, Calif., April 23, 2025--(BUSINESS WIRE)--Wingspire Equipment Finance is pleased to provide over $20 million in equipment financing for a global leader in aviation services. The funding will support upgrading the private equity-owned company's operational equipment. This will enhance its ability to meet increasing market demand and service new customer contracts. As one of the world's largest providers of airport ground services and air cargo handling, the client plays a critical role in supporting airlines and airports internationally. The company sought a financing partner capable of providing a pre-approved guidance CapEx Line of Credit, ensuring quick and efficient funding for equipment acquisition. Wingspire Equipment Finance structured an Equipment Finance Agreement (EFA) that enables the company to replace aging cargo and ramp handling equipment, aircraft cleaning machinery, and plane fueling service vehicles. The funding modernizes its existing fleet and allows for strategic expansion to support growing customer needs. "Our financing solution represents a pivotal step forward for our client in the aviation services industry," said Jason Potter, Senior Vice President of Business Development at Wingspire Equipment Finance. "With a CapEx Line of Credit established, we've provided the flexibility they need to acquire and deploy new aviation equipment quickly. Our ability to scale with their business was key to their decision to partner with us. We're proud to support their growth and look forward to continuing our relationship." For more information about Wingspire Equipment Finance and its comprehensive finance solutions, please visit About Wingspire Equipment Finance: Wingspire Equipment Finance is a leading provider of equipment financing solutions, committed to empowering middle market companies with flexible and innovative financial solutions. With a focus on client success and industry expertise, Wingspire Equipment Finance is dedicated to delivering strategic capital solutions that drive long-term success for its clients. Wingspire Equipment Finance is the equipment financing arm of Wingspire Capital, a portfolio company of Blue Owl Capital (NYSE: OWL), a global alternative asset manager with over $251B in AUM. View source version on Contacts For media inquiries, please contact:Media Relations844.816.9420pressinfo@ Sign in to access your portfolio
Business Wire
23-04-2025
- Business
- Business Wire
Wingspire Equipment Finance Provides Over $20 Million in Equipment Financing to Leading Aviation Services Provider
TUSTIN, Calif.--(BUSINESS WIRE)--Wingspire Equipment Finance is pleased to provide over $20 million in equipment financing for a global leader in aviation services. The funding will support upgrading the private equity-owned company's operational equipment. This will enhance its ability to meet increasing market demand and service new customer contracts. As one of the world's largest providers of airport ground services and air cargo handling, the client plays a critical role in supporting airlines and airports internationally. The company sought a financing partner capable of providing a pre-approved guidance CapEx Line of Credit, ensuring quick and efficient funding for equipment acquisition. Wingspire Equipment Finance structured an Equipment Finance Agreement (EFA) that enables the company to replace aging cargo and ramp handling equipment, aircraft cleaning machinery, and plane fueling service vehicles. The funding modernizes its existing fleet and allows for strategic expansion to support growing customer needs. 'Our financing solution represents a pivotal step forward for our client in the aviation services industry,' said Jason Potter, Senior Vice President of Business Development at Wingspire Equipment Finance. 'With a CapEx Line of Credit established, we've provided the flexibility they need to acquire and deploy new aviation equipment quickly. Our ability to scale with their business was key to their decision to partner with us. We're proud to support their growth and look forward to continuing our relationship.' For more information about Wingspire Equipment Finance and its comprehensive finance solutions, please visit About Wingspire Equipment Finance: Wingspire Equipment Finance is a leading provider of equipment financing solutions, committed to empowering middle market companies with flexible and innovative financial solutions. With a focus on client success and industry expertise, Wingspire Equipment Finance is dedicated to delivering strategic capital solutions that drive long-term success for its clients. Wingspire Equipment Finance is the equipment financing arm of Wingspire Capital, a portfolio company of Blue Owl Capital (NYSE: OWL), a global alternative asset manager with over $251B in AUM.
