02:20 PM EDT, 06/23/2025 (MT Newswires) -- National Bank reports that the recent stock and financial performance of retailers within its coverage universe has been resilient despite significant macroeconomic and global geopolitical volatility.

Analyst Vishal Shreedhar's analysis of retail spending relevant to the categories National covers suggests that restaurant spending is solid (Canada) and mixed in the U.S. However, U.S. restaurant spending has improved sequentially since February,

Grocery spending is resilient in Canada, and apparel spending is strong (Canada and the U.S., albeit U.S. spending trends are relatively more choppy).) C-store spending is largely mixed (Canada and the U.S.).

Given persistent volatility and relative strength in Canada, Shreedhar reiterates his top picks as Loblaw ( LBLCF ) in the staples space and Dollarama ( DLMAF )/Groupe Dynamite ( GRGDF ) in the discretionary space. He views these names to have clear growth trajectories, low direct exposure to tariffs and/or demonstrated ability to pass through tariff-related costs, and a track record of growing despite heightened uncertainty.

Price: 190.92, Change: +2.85, Percent Change: +1.52