Telus (TSX:T) had income of $341 million – or $0.56 per share – in 2015’s second quarter, which represents a drop of 10.5% compared with the same period last year, the communications giant announced August 7.
While operating revenue increased 5.1% to $2.95 billion in the quarter, restructuring costs of $59 million, partly related to the closure of the company’s Black’s Photography retail stores, hit the company’s bottom line.
The company had announced the closure of the photography store chain in June 2015.
“Technological innovations have changed the way Canadians take and share photographs, with fewer of them using retail photo outlets,” Telus said in a release.
“As a result, we have determined that Black's is not core to our future operations and have planned the closure of the remaining 59 retail stores that have not already closed or transitioned to the TELUS or Koodo brands.”
Telus reports adding 342,000 “customer connections,” which included active wireless, Internet and Telus TV subscribers, during the quarter.
As of press time, shares of Telus were trading at $44.69, down 0.27%.
