Moneris Solutions Corporation

Moneris Solutions Corporation

July 13, 2010 10:03 ET

Second Quarter Canadian Retail Sales Increase

Home Furnishing, Appliance Stores and Fast Food Restaurants Drive Noteworthy Increases in the Second Quarter of 2010 Over the Same Period Last Year

TORONTO, ONTARIO--(Marketwire - July 13, 2010) - During the second quarter of 2010, the Canadian retail economy fared better than the same period last year with overall increases of 4.60% and 3.87% in dollars spent and the total number of transactions, respectively according to Moneris Solutions, Canada's largest debit and credit card processor. 

Home furnishing stores and appliance stores realized the biggest increase in dollars spent compared to the same period last year with increases in dollars spent at 11.12% and 8.85% respectively.

Fast food restaurants also saw sizeable increases in dollars spent and the number of transactions compared to the second quarter of 2009. Dollars spent at fast food restaurants increased to 10.39% during the second quarter of 2010 and the number of transactions increased to 11.23%.

With an increase of 6.72% in dollars spent, Newfoundland had the biggest percentage increase across Canada compared to last year. Alberta showed signs of recovery with a 0.93% increase in the number of transactions while Quebec had the biggest percentage increase in the number of transactions with 5.79%.

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

"The Canadian retail landscape continued to build on the positive momentum generated in the first quarter of 2010 compared to last year, by posting very strong results in the second quarter," said David Ades, Senior Vice President, Moneris Solutions. "Retailers, as well, leveraged key events during the quarter such as, Toronto's Luminato Festival, Father's Day and the Montreal Grand Prix to help drive sales." The impact of these events can also lead to significant decreases as recently seen with the G20 meetings in Toronto.

The Impact of Events

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

  • An increase of 5.13% in the dollars spent at restaurants during Toronto's Luminato Festival in affected areas

  • An increase of 7.87% in dollars spent to wine and dine dads across the country during Father's Day weekend

  • A noteworthy increase of 62.81% in dollars spent at Montreal restaurants during the Montreal Grand Prix

  • A decrease of 33.15% in the restaurant dollars spent in the City of Toronto during the G20 Summit

Outlook

"With continued warmer weather and many key events during the summer months, it will be interesting to see whether retailers can continue to maximize the impact of events to further drive sales in the third quarter," 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

  • Media Contact:
    MAVERICK Public Relations Inc.
    Daniel Weinerman
    416-640-5525, ext. 245
    danielw@maverickpr.com