“We delivered an exceptional fourth quarter and a standout year, exceeding top- and bottom-line guidance with broad based outperformance across brands, channels and geographies. We drove meaningful acceleration in the second half of the year, with fourth quarter net sales of $2.270 billion and comparable sales growth of 8%,” said Hillary Super, VS&Co Chief Executive Officer.
“In the quarter, our customer responded enthusiastically to our product and marketing, as demonstrated by growing new customer acquisition and increased AURs. Our 2025 results reflect the progress we have made against our Path to Potential strategy as we build brand heat and powerful connections with our customers around the world.
“We enter fiscal 2026 from a position of strength. With a clear brand vision, a faster and more agile operating model, and a strong pipeline of product and brand moments ahead, we are confident in our ability to deliver profitable growth and create long‑term shareholder value.”
Scott Sekella
“Our results reflect disciplined execution, strong margin performance, and increased operational agility. We delivered adjusted operating income of $403 million in fiscal year 2025, despite approximately $85 million of tariff pressure. Our adjusted earnings per diluted share was $3.00, representing 22% growth versus last year, excluding last year’s cumulative gift card breakage adjustment. Our Path to Potential strategy is accelerating the Company’s growth, reinforcing our confidence in our fiscal 2026 guidance,” said Scott Sekella, VS&Co Chief Financial and Operating Officer.
Fourth Quarter 2025 Results The company said net sales were $2.270 billion for the fourth quarter of 2025, an increase of 8% compared to net sales of $2.106 billion for the fourth quarter of 2024 and above itspreviously communicated guidance range of $2.170 billion to $2.200 billion. Total comparable sales for the fourth quarter of 2025 increased 8%.
The company reported operating income for the fourth quarter of 2025 of $229 million compared to operating income of $268 million in the fourth quarter of 2024. Net income was $184 million, or $2.14 per diluted share, for the fourth quarter of 2025 compared to net income of $193 million, or $2.33 per diluted share, for the fourth quarter of 2024.
Victoria’s Secret photo
Full Year 2025 Results The company reported net sales of $6.553 billion for fiscal year 2025, an increase of 5% compared to net sales of $6.230 billion for fiscal year 2024 and above its previously communicated guidance range of $6.450 billion to $6.480 billion. Total comparable sales for fiscal year 2025 were 5%.
The company reported operating income for fiscal year 2025 of $271 million compared to $310 million in fiscal year 2024. Net income was $161 million, or $1.93 per diluted share for fiscal year 2025 compared to net income of $165 million, or $2.05 per diluted share for fiscal year 2024.
Full Year and First Quarter 2026 Outlook The company is forecasting net sales for the first quarter of 2026 to be in the range of $1.490 billion to $1.525 billion compared to net sales of $1.353 billion for the first quarter of 2025. At this forecasted level of net sales, operating income for the first quarter of 2026 is expected to be in the range of $32 million to $42 million compared to adjusted operating income of $32 million for the first quarter of 2025, it said.
The company is forecasting fiscal year 2026 net sales to be in the range of $6.850 billion to $6.950 billion compared to net sales of $6.553 billion in fiscal year 2025. At this forecasted level of net sales, operating income for fiscal year 2026 is expected to be in the range of $430 million to $460 million compared to fiscal year 2025 adjusted operating income of $403 million, it added.
Victoria’s Secret photo
The retailer has more than 30,000 people working for it across a global footprint of 1,420 retail stores in approximately 70 countries.
Federal and provincial governments earned $15.5 billion (-2.0%) from the control and sale of alcohol ($13.1 billion; -4.2%) and recreational cannabis ($2.5 billion; +11.5%) in the fiscal year ending March 31, 2025. This includes net income from provincial liquor and cannabis authorities, excise taxes, retail sales taxes, other specific taxes, and licences and permits, according to a report released Thursday by Statistics Canada.
The decline in alcohol earnings in 2024/2025 was the largest annual decrease since Statistics Canada began tracking this series in 2004/2005.
“Overall, liquor authorities and other retail outlets sold $25.8 billion worth of alcoholic beverages in the fiscal year ending March 31, 2025, down 1.6% from fiscal year 2023/2024. The decrease in alcohol sales occurred despite a 1.6% increase in the price of alcoholic beverages in stores from March 2024 to March 2025,” said Statistics Canada.
“On a volume basis, sales of alcohol declined by 3.0% to 2,898 million litres in 2024/2025. This was the fourth consecutive year volume sales have declined. On average, Canadians of legal drinking age purchased the equivalent of 8.0 standard alcoholic beverages per week in 2024/2025, down from 8.7 the previous fiscal year and 9.7 a decade ago.
“In 2024/2025, domestic products represented 60.6% of total alcohol sales in Canada, up from 59.0% the previous fiscal year.
“By beverage type, 88.7% of beer sales and 90.7% of cider and cooler sales were from domestic products. In comparison, domestic products accounted for 46.7% of sales of spirits and 30.0% of wine sales.
“The share of domestic alcohol sales increased across all beverage categories in 2024/2025.”
ELEVATE photo
The total value of beer sales by liquor stores, agencies and other retail outlets dropped 1.6% to $9.1 billion in the 2024/2025 fiscal year. Beer maintained its position as the top selling beverage category in 2024/2025; its market share was unchanged from a year earlier at just over one-third (35.1%) of total sales, said the federal agency.
Wine (-0.2 percentage points to 29.7%) and spirits (-0.4 percentage points to 25.8%) lost market share on lower sales in 2024/2025. Ciders and coolers was the lone beverage category to gain market share, up 0.6 percentage points, although they continued to represent the smallest share of total sales at 9.3%, it added.
“By volume, beer sales declined 3.8% to 1,876 million litres in 2024/2025, the ninth consecutive annual decline in beer sales by volume. Beer sales were equivalent to 3.1 standard bottles of beer per week, per person of legal drinking age. Wine sales fell 2.2% to $7.7 billion in 2024/2025, driven by a decline in imported wine sales (-3.9%). Imported wine accounted for 70.0% of total wine sales. This was the first time imported wine sales have decreased since Statistics Canada began tracking alcohol sales by origin in 1992/1993,” explained the report.
“Domestic wine sales were stable, increasing 1.9% to $2.3 billion. Wine sales by volume totalled 460 million litres, marking the fourth consecutive year of decline. The total litres of wine sold in 2024/2025 was equivalent to approximately 1.9 standard glasses per week for each person of legal drinking age.”
Statistics Canada said total sales of spirits dropped 3.2% to $6.7 billion in 2024/2025. Whisky (29.6%), vodka (22.9%) and liqueurs (15.4%) were the top-selling spirits by share of total sales. Overall, sales of spirits by volume decreased by 4.4% to 177 million litres in 2024/2025. The total amount of spirits sold was equivalent to 2.2 shots per week for each Canadian of legal drinking age. Sales of ciders and coolers rose 4.8% from the previous fiscal year to $2.4 billion in 2024/2025. For the second consecutive year, ciders and coolers was the sole alcoholic beverage category with increased sales.
Pavel Danilyuk photo
Statistics Canada said sales of recreational cannabis by provincial cannabis authorities and other retail outlets increased 6.1% or $0.3 billion from the previous fiscal year to $5.5 billion in 2024/2025. Nevertheless, this was a marked slowdown from the sales increases in 2023/2024 (+11.6%) and 2022/2023 (+15.8%). The price of recreational cannabis decreased 1.1% from March 2024 to March 2025.
“Inhaled extracts was the fastest growing recreational cannabis category in 2024/2025, up 12.8%. The market share of inhaled extracts continued to increase in 2024/2025, up to almost one-third of total sales (31.1%). Solid cannabis edibles (-2.2%) was the lone cannabis category with a sales decline in 2024/2025,” it said.
“Cannabis sales in 2024/2025 were equivalent to $167 per person of legal age to consume cannabis. Yukon ($384) had the highest sales per person, while Quebec ($105) had the lowest. Quebec’s lower sales partly reflect restrictions in effect during the fiscal year, including a ban on cannabis vaping products and topicals, as well as limited edible offerings.”
An elevated Italian dining experience has arrived in York Region with the opening of Vivo Avanti in King City, the newest restaurant from the family-owned Vivo Culinary Group.
Located at 2124 King Road, the restaurant represents the latest step in the company’s evolution from its original quick-casual roots into a more refined, chef-driven dining concept. The opening also expands the group’s footprint to nine restaurants across the Greater Toronto Area, including eight Vivo Pizza + Pasta locations and the Avanti concept.
The King City restaurant follows the launch of the brand’s first Avanti location in Toronto’s Bloor West Village and is designed to showcase a more sophisticated interpretation of the Vivo dining experience.
“We’re thrilled to expand the Vivo family and become part of the King City community,” the Vivo team said in a statement announcing the opening. “King City has long been one of our most anticipated locations, and we can’t wait to share our passion for fresh, authentic Italian dishes with the community.”
A New Chapter for the Vivo Culinary Group
The Vivo brand began nearly a decade ago with the opening of its first Vivo Pizza + Pasta location in Richmond Hill. The concept focused on authentic Italian food served in a streamlined environment designed to appeal to busy families and professionals seeking quality cuisine without the formality of traditional restaurants.
As the brand expanded throughout the GTA, the founding family began exploring ways to introduce a more elevated dining experience while preserving the culinary traditions that built the company’s reputation.
The Avanti concept reflects that shift.
“With the King City location, Vivo Avanti is providing a renewed identity for the Vivo Culinary Group,” the company said. “Our goal is to stay true to the traditions that built the Vivo name while creating a fresh, elevated space that represents where we’re headed in the years to come.”
The opening of Vivo Avanti King City therefore signals a broader strategic direction for the business, positioning Avanti locations as flagship dining destinations while the original Pizza + Pasta concept continues to serve customers through a fast-casual format.
Vivo Avanti in King City. Photo: Vivo Avanti
Chef-Driven Menu Balances Tradition and Innovation
Central to the Avanti concept is a chef-led approach to menu development under Corporate Executive Chef and Culinary Consultant Nick Ruggiero, who joined the brand after working at several prominent Toronto restaurants including Aria, Byblos Downtown, and Pastiche.
Ruggiero explained that the King City opening provided an opportunity to expand the culinary program beyond the traditional menu associated with Vivo Pizza + Pasta.
“We’re going to be launching a new menu alongside the opening,” he said in an interview. “We’re introducing more modern cuisine while still keeping the classics and comfort food that people know and love from the Pizza + Pasta brand.”
The menu will incorporate contemporary elements while maintaining a strong Italian foundation. Ruggiero noted that diners can expect a broader range of dishes that include lighter and more experimental offerings.
“We’ll be introducing things like raw dishes and some more modern plates, while still making sure the experience feels familiar and comfortable,” he said.
The menu is designed to evolve regularly, with annual updates and rotating chef specials intended to keep the culinary offering dynamic.
A Purpose-Built Dining Destination
The Vivo Avanti King City location has been designed to support a full-service dining experience that goes beyond the quick-casual model associated with the brand’s earlier restaurants.
The new space includes seating for approximately 140 guests, along with two full-service bars, private dining areas for events, and a seasonal patio designed to accommodate more than 100 additional guests.
Ruggiero described the design as a significant step forward for the brand’s hospitality experience.
“The building has been completely redesigned,” he said. “It’s a very elegant, modern space. It’s different from the Pizza + Pasta restaurants that people know across the GTA.”
The restaurant features multiple distinct areas intended to support a variety of dining occasions, including a lounge area, a main dining room, and private event spaces.
“There’s a beautiful dining room, an open-concept kitchen, a private dining space downstairs, and a very large patio on the side of the building,” Ruggiero said. “It’s going to be a really nice spot for the community.”
Vivo Avanti in King City. Photo: Vivo Avanti
King City Chosen for Its Growing Community
According to the company, King City was selected for the new restaurant because of its strong local identity and growing population.
For the founders, the location also carries a personal connection.
“Some of the family behind Vivo is originally from that area,” Ruggiero explained. “So it felt like a natural fit.”
He added that the community’s evolving dining scene made it an ideal place to introduce the Avanti concept.
“We really wanted to introduce a more elevated dining experience to the area,” he said. “We think the community will welcome it.”
York Region has experienced steady residential growth in recent years, particularly in communities such as King City, Aurora, and Vaughan. The expansion of full-service restaurants in these areas reflects a broader trend in which hospitality operators are increasingly targeting suburban markets with higher-end concepts.
Expansion Remains Measured and Community-Focused
While the opening of Vivo Avanti King City represents an important milestone for the company, Ruggiero said the group intends to maintain a deliberate pace of expansion.
“At the moment we’re focused on King City,” he said. “We take it location by location.”
The company has historically expanded at a relatively steady rate, opening approximately one new restaurant each year. That approach, Ruggiero explained, allows the team to maintain consistent quality across the brand.
“As long as we’re keeping the quality that people know and expect, we’re always open to expanding further,” he said.
Future growth could include additional locations in Canada and potentially international markets if the right opportunities arise.
For now, the company’s attention remains firmly on ensuring that its newest restaurant establishes a strong presence in its community.
“We’re excited for people to experience it,” Ruggiero said. “Everyone loves Italian food, and we hope this becomes a place where the community comes together.”
The Reset Team works with leading retailers and brands for store setups. Photo via The Reset Team
From a shopper’s perspective, new store layouts and fresh seasonal displays appear almost overnight. Fixtures are in place, signage is aligned, technology is live, and aisles are ready for customers by opening time. Behind many of those seamless transformations is Markham-based The Reset Team, a national services provider that has quietly become a key execution partner for some of Canada’s largest retailers. For chains looking to standardize experiences across hundreds of locations, The Reset Team retail merchandising and fixture installation specialists are often the people on the ground making it happen.
Founded in 2009 by President Bob Arora, the company has grown from a specialized merchandising business into one of Canada’s leading retail execution partners handling resets, fixture installation, audits, and complex rollouts. Today, with a national footprint and a reputation for operational excellence, the firm supports some of the country’s most recognized retail banners, including Home Depot Canada, Walmart Canada, Pet Valu, and PetSmart, executing tens of thousands of projects across the country while helping retailers protect their brands at store level.
From Mountain Marketing to a Full-Service National Partner
Arora’s path to leading a national execution firm began long before The Reset Team was created. Early in his career, he worked at The Home Depot, where he saw firsthand how consistency and operational discipline separate strong retailers from the rest. That big-box experience influenced his later work with Mountain Marketing Retail Services, a business that focused on store-level merchandising.
Bob Arora
“With Mountain Marketing, we were all about merchandising, planograms, weekend demos, and training store staff,” he explained. “But I kept noticing retailers needed help with stuff that came before merchandising even kicked in. Moving fixtures, signage, and new layouts were a totally different skill set.”
That gap represented both a challenge and an opportunity. Retailers were increasingly rolling out new formats and categories across multiple locations, and they needed specialized crews who could handle the heavy lifting and intricate details before a single product hit the shelf.
“So in 2009, we launched The Reset Team with specialized crews for that work,” said Arora. “It just took off. By 2012, we rolled everything under The Reset Team name, and that let us grow from just merchandising into being a real full-service partner.”
Nearly Two Decades of Supporting Canadian Retailers
Approaching the two-decade mark, The Reset Team has become a familiar name inside many Canadian head offices, even if consumers never see it on a storefront. For Arora, the longevity is about more than the calendar.
“It is something we are really proud of,” he said. “But honestly, it is less about hitting twenty years and more about what that represents, clients trusting us year after year, our team staying consistent and resilient.”
He is quick to credit the people behind the brand.
“The best part is our people,” he added. “The Reset Team is this incredible group who show up every day to solve problems and keep stores running. This milestone reminds us we have built something that lasts, and it motivates us to keep getting better.”
That focus on reliability and continuous improvement has translated into growth. As of 2024, the privately held company reported revenue growth of 156 percent over three years and earned a place among Canada’s Top Growing Companies. The firm now operates with a core management group of about fifteen leaders and a flexible workforce that can scale to between 150 and 200 associates working at any one time across the country, with many more in the broader pool as projects ramp up.
The Reset Team works with leading retailers and brands for store setups. Photo via The Reset Team
Scale and Precision as Differentiators
In a fragmented project-services market, what sets The Reset Team apart is its ability to blend national scale with detailed execution. The company specializes in fixtures, signage, merchandising, and resets, but does so with teams that are trained for specific tasks rather than general labour.
“I would say it is combining scale with precision,” said Arora. “Lots of companies can put bodies in stores, but we bring specialized crews, extensive training, and a problem-solving mindset. Safety, communication, real-time reporting, clients always know what is happening. At the end of the day, it comes down to trust. Our clients know the job will be done correctly, on time, to the standard they expect.”
One recent project that illustrates that approach was a national rollout of new smartphone display tables tied to a major product launch. Hundreds of stores had to be upgraded within tight time frames, with every element installed in a very specific way. Any deviation would have affected both the brand experience and the launch timeline.
“It was very complex and very in depth in terms of what the client wanted to achieve,” recalled Arora. “We created a detailed playbook for our teams on how to execute step by step. We had done similar work many times, but not for such a high-profile product category. It worked out great, and it was a good example of where precision really mattered.”
For retailers, partnering with The Reset Team retail merchandising and fixture specialists means those high-stakes launches are not left to chance.
Taking Pressure Off Store Teams
The Canadian retail landscape has been through years of disruption, from international entries and exits to pandemic-era shifts and inflationary pressures. Through it all, store teams have been asked to do more with less.
Arora argues that is exactly why third-party execution partners now play a bigger role in how retailers manage change.
“We take pressure off store teams,” he said. “Associates can stay focused on customers while we handle resets. Our crews are specialized, so work gets done faster with fewer errors. Retailers also skip the hassle of hiring and managing temp staff for big projects. Bottom line, we give them peace of mind. Work gets done properly, on time, without straining their teams.”
He has watched international banners arrive in Canada and later exit, and he has seen domestic players reinvent themselves through new formats, categories, and branding. In every scenario, execution at store level makes the difference between a smooth transition and a painful one.
“There are so many parties that touch a new store,” he noted. “Trades, merchandisers, suppliers, technology teams, all the point-of-sale and back-end systems. When you are talking about a countrywide rollout, there are time zone issues and a lot to juggle. Having someone at the helm who can focus on all these things for you and take them off your plate is key.”
The Reset Team works with leading retailers and brands for store and other operational setups. Photo via The Reset Team
Process, People and Real-Time Reporting
Consistency across tens of thousands of projects is not something that happens by accident. For The Reset Team, it rests on three pillars.
“It is process, it is people, and it is reporting,” said Arora. “We have built detailed playbooks for every type of project, so work gets done the same way everywhere. Our crews are not general labour, they are trained specialists. And clients get real-time visibility into what is happening in the field.”
Because the company’s associates are spread across Canada, training has to work at a distance without losing the benefits of hands-on learning.
The Reset Team has invested heavily in comprehensive training programs, combining digital learning modules, structured handbooks, skills testing, and field mentorship. Merchandisers are not simply dispatched, they are prepared.
“Given that everyone who works for us is remote, we had to come up with some really good video and testing tools to keep people engaged,” he said. “We created a lot of training material, but the real magic happens with hands-on skill development in the field.”
The Reset Team works with leading retailers and brands for store and other operational setups. Photo via The Reset Team
The company also leverages technology to provide real-time reporting and visibility. Clients receive ongoing updates, photographic verification, and measurable progress tracking. This transparency strengthens trust and enables retailers to maintain oversight without diverting internal resources.
“For clients, technology means real-time visibility,” explained Arora. “They see progress, flag issues, and avoid surprises. For our crews, tools like digital checklists and photo verification keep things consistent and reduce errors. When something is off track, we can fix it right away. The tech does not replace people, but it makes our teams more effective and gives clients confidence that the job is being done well.”
On the workforce side, The Reset Team uses scheduling platforms that give employees control over availability while allowing managers to build crews efficiently.
“Our people can log in, set their vacation time, and tell us when they need to be off,” said Arora. “We can schedule without calling a hundred people for a project. We see who is available, book them, send a dispatch, and they accept it.”
How Merchandising and Store Design Have Evolved
When Arora first entered the industry, merchandising was heavily focused on basics. Planograms, replenishment, and simple compliance were the priorities. The store environment has since become much more dynamic.
“When I started, it was all about the basics, stocked shelves and following planograms,” he said. “Now it is part of a bigger strategy, creating consistent brand experiences, aligning with campaigns, reacting quickly to change. Speed and flexibility matter more than ever.”
Today, retailers are emphasizing flexible fixtures that can move quickly to support seasons, collaborations, and limited-time concepts. Stores are expected to feel both local and consistent, whether shoppers are in Toronto or Saskatoon.
“The retail environment is an exciting place to be for shoppers now,” said Arora. “Beautifully stocked shelves are not enough. You need point of purchase material, displays, and an engaging environment. There is a lot more changeover to keep stores exciting and engaging for customers.”
Those changes align closely with the services The Reset Team provides. The company’s work can be seen in everything from national reflows of categories to the build-out of new, visually engaging store formats that Canadian shoppers are increasingly encountering in malls and power centres across the country.
The Reset Team works with leading retailers and brands for store and other operational setups. Photo via The Reset Team
Why National Consistency Matters
For mid-sized chains looking to scale across Canada, execution risk increases with every new market. Slight differences in fixture placement, signage, or category layout may not seem significant in a single store, but across a network they quickly erode brand consistency, and disrupt the customer experience.
“Plan for scalability and consistency from the start,” advised Arora. “Growing regionally is one thing, but nationally, small inconsistencies become big problems. Build systems that replicate across markets. Train teams to the same standards. And partner early with experienced execution teams.”
He argues that a dedicated national partner can help retailers move faster and more confidently than a patchwork of regional contractors.
“Consistency is the biggest thing,” he said. “When you have multiple regional contractors, you end up with different standards, uneven work, and way more management headaches. A dedicated national team solves all that. One point of contact, one quality standard, crews trained the same way coast to coast. Retailers need the work done well, everywhere. That is what a dedicated partner delivers.”
For retailers choosing The Reset Team retail merchandising and installation support, the goal is not only to complete projects, but also to protect the brand image every time a shopper walks through the doors.
Freeing Internal Teams and Unlocking Agility
Arora sees three main opportunities for retailers that leverage execution partners more effectively. The first is freeing up internal staff. By managing complex resets, fixture installations, planogram implementations, and large-scale rollouts, The Reset Team allows internal store teams to remain focused on customer engagement and sales performance.
“You do not want your sales associates moving fixtures and setting displays,” he said. “They need to focus on taking care of the customer. That is the first thing.”
The second is scaling.
“If you want to roll out a new category, a new product, or even a new department across an entire geography, it needs to be done at scale,” he continued. “It is really difficult for retailers to do that themselves internally. That is why leveraging a partner makes sense.”
The third is agility. When retailers can trust that execution is covered, they can launch new formats, test product categories, and execute seasonal transformations with confidence, knowing the in-store execution will match strategic intent.
“When you know execution is covered, you have the confidence to test new formats and campaigns without worrying about the complexity,” said Arora. “That agility can boost revenue and brand perception.”
The Reset Team works with leading retailers and brands for store and other operational setups. Photo via The Reset Team
Leadership, Culture and The Next Five Years
As The Reset Team has grown, Arora has had to transition from hands-on operator to leader of a large and distributed workforce. Trust and communication have become central themes.
“You cannot be everywhere, so you empower leaders while keeping everyone aligned on standards,” he said. “Investing in people, training, and culture is what drives performance and retention. I have also learned to embrace change, because retail never stands still. And you lead by example. How you handle challenges and treat clients sets the tone for the whole team.”
Looking ahead, he expects The Reset Team to continue growing alongside its retail partners.
“I see us continuing to grow as a trusted partner while evolving with retail,” he said. “New formats, flexible layouts, new customer experiences, we will be there helping retailers adapt. We will keep refining processes, use technology more effectively, and develop our people. The goal is simple, be the first name retailers think of when they need execution done well, at scale.”
For Arora, the excitement is rooted in the energy of the industry itself.
“The pace of change is what excites me,” he said. “Stores are not just places to buy things anymore, they are experiences. I love seeing retailers test new layouts, displays, and seasonal concepts, and knowing our team can bring those ideas to life at scale. Being right in the middle of that evolution, helping retailers adapt, innovate, and deliver experiences that really connect with customers, that is the best part of what we do.”
As retail competition intensifies, the delivery experience has become a defining factor for customer loyalty. A US UPS Capital 2025 report reveals a major shift: only 39% of U.S. consumers blame carriers for delivery issues, down from 83% in 2022. Today, customers hold retailers directly accountable for smooth, reliable shipping — and any failure can cost more than a sale. It can cost trust.
Delivery Expectations Are Higher Than Ever
Nearly 31% of consumers rank fast delivery as their top priority, surpassing price and product selection. Retailers are feeling the pressure: 85% report operational impacts from rising expectations, and 42% cite major disruptions. The stakes are clear — every shipment must arrive on time and in perfect condition.
When delivery falls short, the consequences ripple across brand reputation and revenue. About 61% of consumers check reviews before purchasing, and a single bad experience can lead to lost sales and negative word-of-mouth.
Reputation and Revenue on the Line
An overwhelming 98% of merchants believe delivery impacts brand reputation, and more than half consider it one of the most critical factors. In today’s review-driven market, mishandling a shipping issue can push 25% of customers to hesitate before shopping again.
Shipping mishaps don’t just damage trust — they drain profits. 42% of merchants experience damage, loss, or theft in 2–5% of shipments each quarter, and 73% absorb these costs out-of-pocket due to disputes or lack of insurance. That’s a growing vulnerability for businesses already operating on tight margins.
Taking Back Control of the Last Mile
Retailers are investing in solutions to meet these challenges head-on. From real-time tracking to AI-driven route optimization, technology offers visibility and efficiency. But implementation isn’t easy — 36% cite high costs and complexity as major obstacles.
Innovative strategies include:
Partnering with trusted logistics providers.
Offering subscription-based shipping programs.
Leveraging crowdsourced delivery networks for flexibility.
While these steps help, they don’t eliminate risk entirely. That’s why shipping insurance is a smart complement — providing financial protection and peace of mind when the unexpected happens.
Why Shipping Protection Matters More Than Ever
Delivery issues now affect more than logistics. They shape brand trust, customer satisfaction, and long-term loyalty. With InsureShield® shipping insurance, retailers can:
Cover up to the full declared value of shipments.
Simplify claims through a digital portal.
Offer customers confidence at checkout.
A Strategic Investment for 2026
In a market where every delivery counts, protecting the last mile is no longer optional — it’s essential. InsureShield® shipping insurance helps retailers safeguard revenue, reputation, and customer relationships.
*We are licensed as an insurance broker in Ontario only and are not yet offering any services or products in other provinces, including Québec. You can find the complete insurance disclosure here: Product Disclosure. If you would like us to let you know when we are licensed in your province, then send us an email via insureshieldca@ups.com, and we will get back to you. Insurance coverage is underwritten by a Canadian licensed insurance company and issued through UPS Capital Canada Insurance Brokers, Limited (“UPS Capital Insurance Brokers”) – an indirect wholly-owned subsidiary of UPS Capital Corporation (“UPS Capital”). The insurance company and UPS Capital Insurance Brokers reserve the right to change or cancel the program at any time. Insurance coverage is governed by the terms and conditions, including the limitations and exclusions, set forth in the applicable insurance policy (the “Policy”). This information does not in any way alter or amend the terms or conditions, including the limitations or exclusions, of the Policy, and is intended only as a brief summary. Insurance coverage is not available in all jurisdictions. UPS Capital Insurance Brokers only issues policies of a single insurer in Canada, and receives commission on sales of insurance. An affiliate of UPS Capital Insurance Brokers reinsures a material portion of the risk insured by this insurance policy and the UPS Capital group therefore has a financial interest in the insurance program. You are not required to purchase insurance from UPS Capital Insurance Brokers and have the right to seek insurance elsewhere. In particular, your ability to ship using United Parcel Service Canada Ltd. or its affiliates is not conditional on your purchase of insurance from UPS Capital Insurance Brokers.
*Partner content. To work with Retail Insider, contact Craig Patterson at craig@retail-insider.com
Happy Belly Food Group Inc., a leader in acquiring and scaling emerging food brands across Canada, says iQ Food Co. has secured a real estate location for its first restaurant in Western Canada, located in Calgary.
With the signing of this lease, it marks the 1st location expansion outside of Ontario for the brand, a significant milestone in iQ’s national expansion strategy, it said, adding it supports the company’s continued execution against its organic growth pipeline.
iQ is a premium healthy-eating quick service restaurant concept known for its “vibrant menu of nourishing, clean-eating dishes including healthy bowls, smoothies, sandwiches, soups, and salads, crafted to satisfy a wide range of tastes and lifestyles.”
“Securing our first Western Canada location marks an important step in our national expansion plan for iQ and for Happy Belly,” said Sean Black, Chief Executive Officer of Happy Belly Food Group. “Calgary is a compelling, health-forward market with strong customer fundamentals which is an ideal fit for iQ’s positioning. This location reflects our disciplined approach to expansion by prioritizing high-quality real estate that supports consistent daily demand and attractive unit economics.
Sean Black
“The momentum behind iQ continues to validate both the strength of the concept and our execution. At the time of acquisition in Q3 2024, iQ operated four locations. We have since grown our footprint to 7 opened locations, with number 8 opening in Q2 2026, so Calgary will be our 9th location in Canada. With Area Development Agreements across Alberta, Ontario, and British Columbia totaling 65 committed units, we are building the foundation to scale iQ into a nationally recognized brand and drive sustained expansion in Canada’s most attractive urban markets.
“Our focus remains on accelerating growth through organic development and targeted acquisitions. With a growing pipeline of restaurants across Canada, iQ continues to strengthen Happy Belly’s broader portfolio of 666 contractually committed retail franchise locations across multiple emerging brands, spanning various stages of development, construction, and operation. Our disciplined, predictable growth engine is delivering measurable results as we expand our brands across Canada and the U.S., creating long-term value for shareholders.”
Happy Belly Food Group is a leader in acquiring and scaling emerging food brands. The company’s portfolio includes Heal Wellness, Rosie’s Burgers, Yolks Breakfast, Via Cibo Italian Street Food, iQ Food Co., and others.
“In Fiscal 2025 we were able to deliver positive Same Store Sales Growth in all four quarters, open 26 new A&W restaurants and meet our annual guidance,” said Susan Senecal, Chief Executive Officer. “These are significant achievements given the fiercely competitive landscape and challenging macroeconomic environment that we are operating in.
“We stay committed to making sure that A&W remains affordable for all Canadians, while maintaining the high-quality and great taste that our brand is known for and are pleased with how our value-based promotions and dedicated value menu contributed to our growth in 2025.
“While the continued economic uncertainty in Canada and the severe weather events in the eastern provinces during early 2026 present headwinds for sales at A&W restaurants in 2026, we are confident in our brand’s ability to deliver value to our guests. We are optimistic about our future and believe we can successfully navigate these challenging conditions.”
Q4 FINANCIAL HIGHLIGHTS
(as compared to Q4 2024)
System Sales of $591.4 million increased by $14.6 million (2.5%)
Revenue of $93.0 million was consistent with Q4 2024 revenue of $93.2 million
Income before income taxes increased by $2.5 million (12%) to $23.4 million
Adjusted EBITDA increased by $1.4 million (5%) to $29.3 million and Adjusted EBITDA Margin increased 150 bps to 31.5% from 30.0%
General and administrative expenses increased by $1.9 million (12%) to $16.9 million, primarily due to differences in the timing of when expenses were incurred
Cash Dividend of $0.480 per share was declared on December 1, 2025
Opened 12 new A&W restaurants
FISCAL 2025 FINANCIAL HIGHLIGHTS (as compared to Fiscal 2024)
System Sales increased by $51.8 million (2.8%) to $1.92 billion
Revenue increased by $1.8 million (1%) to $294.1 million
Income before income taxes increased by $26.7 million (53%) to $76.7 million
Adjusted EBITDA increased by $6.6 million (7%) to $100.0 million and Adjusted EBITDA Margin increased 200 bps to 34.0% from 32.0%
General and administrative expenses increased by $1.1 million (2%) to $49.7 million, in line with the increase in Canada’s Consumer Price Index in 2025 of 2.1%
Cash Dividends totalling $1.92 per share were declared
Opened 26 new A&W restaurants and achieved net annual restaurant unit growth of 2.0%, compared to 1.8% in Fiscal 2024
DoorDash is expanding its retail selection by partnering with Joe Fresh, a leading Canadian fashion retailer, marking the first pure apparel retailer available on DoorDash in Canada.
Over 220 Joe Fresh stores are now shoppable on DoorDash across all provinces and one territory, providing a curated selection of apparel across women’s, men’s and children’s categories including rotating seasonal essentials, everyday basics like shirts and socks, activewear, and select graphic apparel. Shoppers can experience the same regular prices from Joe Fresh on DoorDash as they would see online or in-store, according to a news release.
Kyra Huntington
“Canadians are turning to DoorDash for more of their everyday needs, including restaurants, groceries, and retail,” said Kyra Huntington, General Manager of DoorDash Canada. “Bringing Joe Fresh to DoorDash as our first pure apparel retailer in Canada gives customers an easy way to purchase everyday clothing — whether they’re shopping for basics that need a refresh or something they want for a special occasion.”
DoorDash said the addition of Joe Fresh marks the next step in its partnership with Loblaw, reflecting a shared focus on expanding customer access across everyday categories.
Niki Starkman
“At Joe Fresh, we’re focused on delivering everyday essentials at exceptional value for Canadians,” said Niki Starkman, General Manager of Joe Fresh eCommerce. “By meeting customers where, when and how they want to shop, we’re making Joe Fresh an easy, go-to choice for apparel. Adding on-demand delivery through DoorDash gives customers a flexible new way to access select Joe Fresh styles to solve their everyday needs.”.
Today’s Retail Insider articles are listed below, followed by Canadian Retail News From Around the Web. Highlights include how Chanellle Chalazan, a 16-year-old entrepreneur, has grown Chic & Charmed into a national jewellery brand without physical stores. Meanwhile, tariff uncertainty and strained Canada-U.S. trade are causing Canadians to pause traditional car ownership in favour of flexible options. Sephora is also expanding in Canada’s competitive beauty market with its 144th store, focusing on suburban consumers.
“2025 was a defining year for KITS. We surpassed the $200 million revenue milestone, expanded gross margins by 190 basis points, and nearly doubled Adjusted EBITDA, all while surpassing one million active customers and building out our technology platform” said Roger Hardy, Co-Founder and CEO of KITS.
“Our vertically integrated model continues to demonstrate powerful operating leverage as we scale, and the early success of OpticianAI™ and our Pangolin Gen-3 AI driven smart glasses shows that we are evolving from a leading optical retailer into a technology-driven vision care platform. With a de-risked balance sheet, our second flagship showroom opening in Toronto, and stronger momentum than at any point in our history, we believe we are well-positioned to continue delivering exceptional value for both customers and shareholders in 2026.”
For the fourth quarter of 2025, compared to the fourth quarter of 2024:
Revenue increased by 20.2% to a record $53.9 million compared to $44.8 million
Gross profit increased by 15.8% to $18.8 million, or 35.0% of revenue, compared to $16.3 million, or 36.3% of revenue
Adjusted EBITDA margin percentage was 5.3%, at $2.8 million of Adjusted EBITDA compared to 6.5%, at $2.9 million of Adjusted EBITDA
Record Q4 glasses revenue of $8.7 million, up 32.7% year-over-year; over 118,000 units delivered, up 42.2%
Net Income: $0.3 million ($0.01 per basic share) for the quarter.
Full Year 2025 Financial & Operational Highlights
For the full year 2025, compared to full year 2024:
Revenue increased 27.1% to a record of $202.5 million compared to $159.3 million
Gross profit increased by 34.4% to $72.1 million or 35.6% of revenue, , compared to $53.7million, or 33.7% of revenue; an expansion of 190 basis points.
Adjusted EBITDA margin percentage improved to 5.8% from 4.0%
Adjusted EBITDA improved by 82.6% to $11.7 million compared to $6.4 million
Eyeglasses Delivered: Delivered a record of over 426,000 pairs of glasses
Customer Growth: Surpassed 1 million 2-year active customers, serving over 393,000 new customers in 2025.
Operating Cash Flow: Generated $11.5 million in cash flow from operations.
Net income: $3.1 million ($0.10 per basic share) for the year.