On Thursday, the S&P 500 was up a healthy 0.8% and Toronto was up 0.4%
Canadian Western Bank was down 5.5% as I commented earlier today.
After the close, Costco reported earnings and same-store revenue growth was weaker than analysts hoped. Foer the quarter adjusted same-store sales growth was up 6.8%. But for February the adjusted same-store growth was 5.0%. That’s pretty decent growth. I don’t know why analysts would think they could keep posting growth towards 10%. They can only pump so much through each store when they are already very busy. I’ll consider nibbling on a bit more Cost if the price is down tomorrow.
Nordstrom announced it will close its Canadian stores. It’s only 7 Nordstrom and 6 Nordstrom rack stores so not really a big deal in the scheme of things. I just hope the parent company pays all creditors in full and all its obligations. They have filed for creditor protection which may indicate the parent intends to walk away from their Canadian child’s obligations. Target Canada stiffed a lot of Canadians which was unethical on the part of the parent. You absolutely know that when one of Warren Buffett’s subsidiaries winds down (as very occasionally happens) no one gets stiffed even if legally they could be.