Dollarama sticking with debit
MONTREAL — Dollarama said the growing desire of customers to pay without cash won’t push the discount chain to accept credit cards even though shoppers are spending more. The average transaction at the retailer was up 6.2 per cent in its latest quarter compared with a year ago as the stores continued to expand their offerings of items priced above beyond their usual “everything for a buck” level. The Montreal-based retailer said 32 per cent of its sales now are paid for with debit cards, up from 29 per cent a year ago, and customers who use them have an average transaction size 2.5 times larger than those paying with cash. “From a credit-card standpoint we have concluded — following our 12-month test period — that we will not implement the credit card service as it has had no significant impact, negative or positive, on our sales,” chief operating officer Stephane Gonthier said during a conference call.
West Fraser doubles quarterly dividend, plans new spending
VANCOUVER — West Fraser Timber Co. Ltd. (TSX:WFT) doubled its quarterly dividend Tuesday and announced a new $125-million capital spending program. After the close of markets, the forestry company said it would pay a quarterly dividend of six cents per share, up from three cents per share, to shareholders of record on Sept. 27.
The capital spending program, planned for the next 18 months, will focus on expanding and upgrading various operations in Alberta, the U.S. South and the B.C. Interior. “As a result of our strong balance sheet we are able to begin making significant capital improvements to our facilities to keep them at the forefront of technology and efficiency,” chairman, president and chief executive Hank Ketcham said in a statement.
— The Canadian Press