It appears the rising AI tide continues to lift all boats in the U.S. tech sector.
Deal-seeking customers power Dollarama
It was a quiet week for Canadian earnings announcements, with Dollarama (DOL/TSX) being the only large company to release quarterly results. Some Canadian investors might not realize that this humble dollar store is actually the 33rd biggest company in Canada, making it larger than Telus, Rogers or Fortis.
Dollarama earnings highlights
Here’s what the thrifty retailer announced this week:
- Dollarama (DOL/TSX): Earnings per share of $0.77 (versus $0.75 predicted), and revenues were identical to the $1.41 billion expert prediction.
Comparable store sales were up 5.6%, and there are plans to add 60 to 70 new stores to the list of 1,551 existing Canadian stores.
“As anticipated, we are seeing a progressive normalization in comparable store sales, with growth primarily driven by persistent higher than historical demand for core consumables and other everyday essentials.”
– Neil Rossy, Dollarama CEO
Despite the positive news, share prices dropped on the heel of news for an aggressive expansion under the Dollarcity subsidiary in Latin America. The $761.7 million investment grows Dollarama’s total equity from 50.1% to 60.1%.
“We look forward to preparing for entry in Mexico in the near term, a large and dynamic market with untapped potential in the value retail space, guided by the same careful and disciplined approach as with our successful entries in Colombia in 2017 and in Peru in 2021.”
– Neil Rossy, Dollarama CEO
Long-term Dollarama shareholders are probably quite happy despite the pullback, as the stock is up a scorching 26% year to date, and 42% over the last 12 months.
Read: “Dollarama earnings report and upcoming growth”
Stock splits for Nvidia and Canadian Natural Resources
If you were recently looking at the stock prices of Canada’s sixth largest company, Canadian Natural Resources (CNQ/TSX), and the world’s third largest company, Nvidia (NVDA/NASDAQ), you might be alarmed to see steep price declines. No need to panic; this is simply the result of stock splits. (Read: “What does Nvidia’s stock split mean for Canadian investors?”)
Early this week, CNQ executed a 2-for-1 stock split, and Nvidia executed a 10-for-1 stock split. (Broadcom also announced that it too would be undertaking a 10-for-1 stock split in the near future.)
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