Simon Belanger

Just because the other segments are probably going to drag because the Canadian end is kind of well above this.

dollar city which is their latin american exposure they own majority stake in this i think they bought it six or seven years ago that's growing like crazy too so earnings are up 27.1 percent revenue 34 30.4 percent store counts 752 versus 644 a year ago and then as i had mentioned mexico is kind of the company's next bet they've been launching pilot stores there for the last while

It'll be interesting to see if they can integrate there.

It's kind of a big loser financially for the company right now, but again, it's very early.

It has a lot of potential untapped market.

And on the Australia front, very early innings, but what they're saying, they've only turned around...

They've only turned around, like turned around, around 28 stores to the Dollarama layout versus I think they have over 400 total.

So the results from this segment are probably going to look pretty ugly over the short term.

They're going to be overhauling store layouts, renovating them, overhauling inventories, all that type of stuff.

So it's going to cost them a lot of money to do this.

But eventually when they get that model turned over...

It should have some pretty big potential.

And if you're an owner of this company, you're looking to own it.

I wouldn't expect any like nothing more than losses from those two segments right now, but also kind of understand the company is definitely playing the long game here.

So there is risk to large integrations like this, but it does if it pays off and is executed well, it's there's a lot of tailwinds in those areas.

Guidance remains unchanged, 3% to 4% same-store sales growth, 60% to 70% new stores, gross margins of 45% in Canada, capital expenditures 420% to 479%.

Yeah.

Yeah.

This was their Q4, I believe.

So this would be their fiscal 2027, I believe.