The US competition for dollar stores was more intense between DG and DLTR. DOL’s major operating market is in Canada, the company enjoys a much more solid competitive position as being the largest player in the Canadian market (lots of US retailers did not succeed in the Canadian market in the past). DOL has demonstrated much more attractive fundamental profiles compared to US peers, such as stronger same-store-sale growth, great inventory management and higher profitability over the years. It has experienced less theft and has prime real estate locations. Overall, we also believe DOL is also a better-run company with better operating metrics compared to US peers, and we don't think not all dollar stores are created equally. We think the addressable market of dollar stores in Canada is still large. Although the future may change, DOL has a solid competitive position in Canada, and is building out Latin American operations.
5i Research Answer: