In its third-quarter report, released before the market opened, the company announced it pulled in over $2.45 billion in sales from July to September, up from $2.2 billion the previous year. Their main services area had a 15% boost in revenue, while their nuclear division jumped an impressive 35%.

Based in Montreal, AtkinsRéalis does everything from consulting to engineering to construction, and even specializes in CANDU nuclear reactors. Edwards mentioned that demand remains high as the company helps public and private groups meet their energy goals and strive for net-zero emissions.

However, profits were slightly lower this quarter compared to last year, mainly because they had a big gain from selling their Scandinavian business back then. Still, the company reported a record project backlog worth $16.8 billion, a 35% jump from last year.

Analyst Sabahat Khan from RBC Capital Markets called their Q3 performance better than expected and maintained a $70 price target with an “outperform” rating, meaning he sees potential for more growth.

In the third quarter, which ended on October 5, Loblaw’s total sales were up by 1.5% from last year, rising from $18.26 billion to $18.54 billion. But that still fell short of the $18.65 billion analysts predicted. After the earnings report, Loblaw’s stock dropped 3% on Wednesday, with shares trading at $182.57 around midday.

Loblaw said that sales of non-food items like electronics, household goods, and other extras actually dragged down their food sales in existing stores. While overall sales went up, the growth in same-store sales—an important retail metric that shows how established stores are doing—slowed down significantly. For example, grocery same-store sales only rose 0.5%, which is a big drop from last year’s 4.5%. Similarly, Shoppers Drug Mart’s same-store sales growth slowed to 2.9%, down from 4.6% last year.

Loblaw’s CFO, Richard Dufresne, pointed out that some of this slower growth was because Thanksgiving fell in the fourth quarter this year instead of the third, which makes comparisons a bit tricky. Without the Thanksgiving effect, food sales growth in established stores would have been 1.3%.

With customers spending less on big-ticket, discretionary items, Loblaw has decided to stop selling certain electronics at Shoppers Drug Mart, like laptops, TVs, and gaming consoles. This shift might impact fourth-quarter sales, especially with the holiday season around the corner, but Loblaw is betting that focusing on its core products will be more effective.

While inflation has cooled off a bit in Canada, many customers are still looking to save where they can. As a result, Loblaw’s discount stores, like No Frills and Maxi, have been performing better than its regular locations, such as Loblaws and Superstore. Loblaw has been leaning into this trend, opening 25 new discount locations last quarter alone. They’re also testing out three new “ultra-discount” pilot stores under the No Name brand, which offer a limited selection of low-cost items with a focus on savings. These No Name stores are expected to save customers around 20% by cutting out extra costs and only stocking a narrow range of items, without any refrigerated products.

“The idea with these stores is to strip out any unnecessary costs and pass those savings directly to our customers,” Loblaw CEO Per Bank said on a recent call with analysts. He added that it’s too soon to know if the model will work, but they’re learning as they go. “If it’s successful, we’ll open more of these stores. If not, we’ll take what we learned and apply it to our discount program.”

Loblaw’s strategy reflects how it’s adapting to economic pressures and shifting shopping behaviors, focusing more on budget-friendly options to meet consumers’ current needs.

Shopify’s leadership expressed confidence in continuing this growth trend, projecting revenue for the fourth quarter—traditionally the busiest due to the holiday shopping season—to increase between the mid-to-high twenties percentage range compared to the same period last year. This guidance exceeded the 23% growth that analysts had predicted, signaling that Shopify expects strong consumer spending momentum despite potential macroeconomic headwinds.

In addition to robust sales growth, Shopify saw a notable improvement in free cash flow, which rose to $421 million in the third quarter from $276 million in the same period last year. This positive cash flow indicates not only increased revenues but also more efficient operations, further strengthening investor confidence and driving up the stock. As a result, Shopify’s shares climbed as much as 27% on Tuesday before settling at $152.26 on the Toronto Stock Exchange by the end of the trading day—a 21% increase from Monday’s closing price.

Analysts reacted positively to Shopify’s performance and outlook. William Blair analyst Arjun Bhatia commented in a research note to clients that the results reflect strong execution in Shopify’s growth initiatives, adding that the company has been able to capture market share from larger, established players such as Salesforce, Adobe Magento, and Oracle. “Given the company’s positioning in the market, we believe it is a long-term winner in the space, and we continue to have a positive outlook,” Bhatia wrote. He further noted that Shopify’s ability to secure market share from these significant competitors highlights its strong value proposition, and he remains optimistic about the company’s future potential.

CFRA senior research analyst Angelo Zino also reiterated a “buy” rating on Shopify’s stock, raising his 12-month price target for the U.S.-listed shares to $135. Zino was impressed with Shopify’s guidance for the fourth quarter, particularly as it came amid concerns of slowing consumer demand and macroeconomic pressures affecting the e-commerce sector. According to Zino, Shopify is gaining momentum through a combination of expanded product offerings, geographic expansion, and growth among new and existing merchants of various sizes.

Shopify’s customer base has expanded notably, with the company attracting both new merchants and larger enterprise clients. In the third quarter, Shopify added 16 new major clients, including well-known brands such as Reebok, Brilliant Earth, Off-White, and Lionsgate Entertainment. This move underscores Shopify’s strategy to attract more complex, larger-scale businesses in addition to its traditional base of entrepreneurs and small businesses. Shopify President Harvey Finkelstein highlighted this shift during a conference call, emphasizing that the company’s platform is increasingly capable of supporting sophisticated, high-volume clients looking for robust e-commerce solutions.

Overall, Shopify’s performance and forward-looking projections demonstrate its resilience in the competitive e-commerce space and its ability to adapt to market demands, making it a top choice for investors betting on the continued growth of online shopping.