Charles Rotter, moderator of the climate-sceptic blog Watts Up With Thatwhich had been the first to get a link and download the files, gave a copy to his flatmate Steve Mosher. Mosher received a posting from the hacker complaining that nothing was happening and replied: It is not being ignored. Much is being coordinated among major players and the media.
Management is nonetheless aggressively pursuing unrealistic growth targets even as competitors flood the discount retail market and threaten its improbable margins. We believe that DOL will continue to miss lofty investor expectations, and that its premium valuation will continue to be pressured.
Dollarama sells a variety of low-priced products, mostly sourced directly from China. Faced with years of negative average traffic growth and an increasingly saturated market, Dollarama is driving comparable store sales growth by selling higher-priced items.
BIG undertook a similar strategy in the s, but reversed course after admitting its failure. Dollarama cited a store target at the time of its IPO inwhen it had just stores.
Management has since revised this number upwards multiple times: Our analysis shows that this target is unrealistic, and that the market is already bordering on oversaturation.
The Rossy family launched Dollarama from its legacy retail chain in and owns significant real estate assets that are employed by the enterprise. We question whether a thorough and arms-length search was conducted to fill this position. As part of a deal struck inDollarama supplies goods at an undisclosed profit margin to Central American discount retailer Dollar City in exchange for an option to acquire the chain in We are concerned that Dollar City could be overpaying its vendors to lessen the financial burden on Dollarama.
The current CFO owns no shares and regularly liquidates options. Dollarama claims to hedge currencies only to lock in consistent prices in CAD on which its customers can rely.
However, in practice, the Company adjusts prices to match non-hedged competitors, leaving us to wonder why it hedges at all. Much of the recent hedge benefit appears to have reversed, but gross margins ex-hedges conveniently rose by just enough over the last two years to maintain steady profitability.
While accounting rules may give sufficient leeway to permit this difference, we question why lease term assumptions should differ for these two capital accounts. Earnings quality suffers notwithstanding. We also worry about the state of the balance sheet should the economic environment turn, or should the business decline more rapidly.
Such lofty multiples are inappropriate for a dollar store with serious near-to-medium-term business risks.Condensed Matter Physics Focus: Image—The Real Deal on 2D Electron Motion August 24, An improved imaging system for electrons confined to two dimensions allows the intrinsic properties of the 2D structure to be separated from the effects of the probe.
What's New and Beneficial About Carrots. Carrots were one of the vegetables examined in recent research on foods rich in beta-carotene and bone health.
Preliminary versions of economic research. Did Consumers Want Less Debt? Consumer Credit Demand Versus Supply in the Wake of the Financial Crisis. Particles and Fields Viewpoint: Dissecting the Mass of the Proton November 19, A calculation determines four distinct contributions to the proton mass, more than 90% of which arises entirely from the dynamics of quarks and gluons.
News and resources for research on sport, exercise, and physical performance. Until recently, Facebook had dominated the social media landscape among America’s youth – but it is no longer the most popular online platform among teens, according to a new Pew Research Center survey.
Today, roughly half (51%) of U.S. teens ages 13 to 17 say they use Facebook, notably lower.