18:34:45 EDT Sat 18 May 2024
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Globe says Li maintains Dollarama at "buy"

2023-07-12 08:16 ET - In the News

The Globe and Mail reports in its Wednesday, July 12, edition that Desjardins Securities analyst Chris Li continues to rate Dollarama "buy" with a $93 share target. The Globe's Darcy Keith writes in the Eye On Equities column that analysts on average target the shares at $91.18. Mr. Li says he was "both surprised and disappointed" to hear that J.P. Towner will be leaving Dollarama as its chief financial officer to pursue another career opportunity. Mr. Towner became chief financial officer in March, 2021, and played an integral role in navigating the discount retailer through COVID-19 and supply chain challenges. While Mr. Towner was highly regarded by the investment community, "we do not believe his departure reflects any negative read-through to Dollarama's financial performance." Dollarama has commenced a formal search process for a new CFO. Mr. Li says: "While it is difficult to predict the length of the search, we believe Dolarama's reputation as a high-quality retailer should attract many strong candidates. A timely appointment will enable an orderly transition." Mr. Towner will remain at the company through to mid-September when the company releases its fiscal second quarter results.

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