The Globe and Mail reports in its Monday, June 8, edition that Dollarama has only posted an annual loss once (in 2018) since going public in 2009. The Globe's guest columnist Amber Kanwar writes that 2026, however, could be the second time. Shares of the dollar-store operator are down 12 per cent so far this year. Sales growth in Canada was viewed as disappointing in its last quarterly results, while progress on transforming the Reject Shop, its Australian business, has been slower. At 35 times forward earnings you can hardly make the case for it being a value stock. However, recession-proof peers such as Walmart and Costco, which do well in strained consumer environments, are currently trading between 40 and 50 times earnings. Dollarama is expected to show nearly 4-per-cent sales growth for the quarter when it reports Thursday morning.