Stock Profile: Shirmax Fashions Symbol: SHZ (TSE)

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Stats as of 6/15/01

• H/L Ratio: 2.58 • RS: 96.0 • Shares: 11,254,577 • P/E: 6.02 • Price: $3.55

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Shirmax Fashions is Canada's leading specialty retailer of maternity fashions and plus-size fashions for larger women. It started in 1960 with the Shirley K maternity shops. In 1979 the Addition-Elle line was added and in 1983 the company was incorporated.

Over the years it has undergone a number of changes and today operates two divisions, Shirmax Retail and Shirmax Leasing. The retailing division owns and operates 94 plus-size and 63 maternity shops across Canada while the leasing division is the company's real estate and construction arm.

In 1993, Shirmax Retail stepped back from the brink of bankruptcy after coming up with an acceptable proposal to creditors. Since then the company has made continuous progress with a focus on improving the customer experience and streamlining operations.

Today the Shirley K brand has been absorbed by the company's Thyme Maternity stores (launched in 1990) and the Addition-Elle stores have expanded to include A/E Sport & Company casual fashions and Addition-Elle Lingerie, both for larger women.

In 1998, Thyme Maternity expanded into Saudi Arabia and added Israel and Singapore in 1999. Expansion into the Middle East seems to be a profitable niche followed as well by previously profiled Suzy Shier with its La Senza line.

In February of 2001, the Sharaf Group became the second licensee in the United Arab Emirates and plans to open 10-13 new Thyme stores in the region in the next two or three years. The first was launched February 15th in the Deira City Centre Mall in Dubai.

The company first tweaked our radar on April 3, 2001 when it first hit new highs in our weekly reports. We planned on reviewing it earlier and it got away from us, rising from $2.50 a share to $3.75 on June 12th. With a low P/E ratio of 6.02 and continued growth, we see more upside on this one in spite of the recent rise.

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