22:59:25 EDT Mon 15 Jul 2024
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Roots Corp
Symbol ROOT
Shares Issued 40,247,614
Close 2024-04-10 C$ 2.56
Market Cap C$ 103,033,892
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Globe/CP say Roots optimistic about second half of 2024

2024-04-11 07:28 ET - In the News

The Globe and Mail reports in its Thursday edition that Roots' CEO says the back half of 2024 will likely see consumers edging back into purchasing discretionary goods. A Canadian Press dispatch to The Globe quotes Meghan Roach, chief executive officer of the hipster clothing chain, telling analysts on a call Wednesday: "Interest rates are playing a big impact on consumer discretionary spending broadly. We saw that in the fourth quarter and we expect to continue to see that in the first half of the year. Our expectation, I think, consistent with the market's expectation, is that there should be some easing of that into the second half of the year, which should have a positive effect on consumer discretionary in general." Ms. Roach's optimism around the consumer's willingness to spend comes as many feel the Bank of Canada will begin cutting its key lending rate in the coming months. Should the central bank make such a move, it would ease some of the financial pressures Canadians with hefty mortgage payments have been feeling. That would be welcome news for Roots and other retailers, which saw their sales come under pressure over the last year. Roots closed the day at $2.56, up 11 cents on the Toronto Stock Exchange.

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