Moneris Solutions Corporation

Moneris Solutions Corporation

October 14, 2010 12:59 ET

Moneris' Report Confirms a Q3 Increase of 3.77 Per Cent in Canadian Retail Sales

Travel, Apparel and Fast Food Restaurants Drive Increases in the Third Quarter of 2010 Over the Same Period Last Year

TORONTO, ONTARIO--(Marketwire - Oct. 14, 2010) - Moneris Solutions, Canada's largest debit and credit card processor, announced today that the Canadian retail economy faired better in the third quarter of 2010, compared to the same period last year. Moneris reports overall increases of 3.77 per cent in dollars spent during the third quarter of 2010.

The travel industry realized the biggest increases in dollars spent compared to the same period last year, with increases of 12 per cent while apparel saw a sizable growth of 10.44 per cent of dollars spent over last year. Department stores, however, did not fair as well, with decreases of 2.81 per cent in dollar spent.

Overall, restaurants increased 4. 89 per cent in dollars spent and within that category, Fast food restaurants realized the most sizeable increases of 10.39 per cent in dollars spent as the usage of debit and credit continues to increase with the popularity of convenient Contactless payment options.

With a 7.02 per cent increase in dollars spent, Newfoundland continues to see the biggest percentage increase across Canada compared to last year. Quebec also saw attractive growth, increasing 6.03 per cent in dollars spent. Due to decreases in volume in the last two months of the quarter, Prince Edward Island and New Brunswick have the slowest growth with 0.7 per cent and 0.54 per cent increases in dollars spent. Ontario saw a respectable growth of 4.62 per cent in dollars spent.

Regional events across Canada drove increases in sales during the third quarter. These increases were reported in conjunction with the release of Moneris' 2010 third quarter spending data, which reports on the percentage changes in dollars spent and the total number of transactions across Canada from July 1, 2010 to September 30, 2010

"The third quarter of 2010 was positive overall for merchants, seeing general growth across the board," says David Ades, Senior Vice President, Moneris Solutions. "Businesses continued to build on the local events in their community, and while there were some decreases, overall they came out on top by the end of the quarter."

Key events during the third quarter of 2010 had an impact on retailers and most notably restaurants across Canada:

  • An increase of 0.22 per cent in the dollars spent at restaurants during Toronto's International Film Festival, but a surge in activity in fast food restaurants gaining 10.30 per cent in dollars spent
    • King West, the neighbourhood of TIFF's new Bell Lightbox theatre, saw an increase of 9.62 per cent in dollars spent in local restaurants over last year in this area
  • An increase of 14.75 per cent in dollars spent to fast food restaurants in Toronto during Caribana
  • A noteworthy decrease of 20.05 per cent in dollars spent at Calgary bars during the Calgary Stampede
  • An increase of 12.20 per cent in the dollars spent at hotels during the Montreal Jazz Festival
  • A decrease of 15.26 per cent in the restaurant dollars spent at Toronto restaurants during the Toronto Pride, which this year was rescheduled to after the G20

"With the key holiday season just around the corner it will be interesting to see whether merchants can sustain the momentum of the first three quarters into the last part of 2010," said Mr. Ades.

About Moneris Solutions

As one of North America's largest providers of payment processing solutions, Moneris offers credit, debit, wireless and online payment services for merchants in virtually every industry segment and processes more than three billion transactions annually. Through its Ernex division, Moneris offers electronic loyalty and stored-value gift card programs. With more than 350,000 merchant locations, Moneris provides the hardware, software and systems needed to improve business efficiency and manage payments. For more information please visit www.moneris.com.

Contact Information

  • MAVERICK Public Relations Inc.
    Katie Boland
    416-640-5525 x228