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Dollarama reports second quarter profit and sales up from year ago

Dollarama Inc. reported its second-quarter profit rose compared with a year ago as its sales also climbed nearly 20 per cent.

The retailer said Wednesday it earned $245.8 million or 86 cents per diluted share for the quarter ended July 30, up from a profit of $193.5 million or 66 cents per diluted share in the same quarter last year.

Sales for the quarter totalled $1.46 billion, up from $1.22 billion a year earlier.

Dollarama says the increase was driven by growth in its total number of stores compared with a year ago and higher comparable store sales.

Comparable store sales for the quarter rose 15.5 per cent as the number of transactions gained 12.9 per cent and the average transaction size added 2.3 per cent.

Dollarama had 1,525 stores at the end of its most recent quarter, up from 1,444 a year earlier.

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“Our performance year to date for this fiscal year reflects our differentiated ability to provide compelling value across our broad product mix and a consistent shopping experience,” Dollarama chief executive Neil Rossy said in a statement.

“Dollarama continues to deliver unparalleled value to a growing number of consumers seeking affordable everyday products at low price points, and we expect this strong demand to persist through the second half of the year in the current macroeconomic context.”

In its outlook for its full year, the company raised its expectations for comparable store sales growth to between 10.0 and 11.0 per cent.

The company had said in March that it expected comparable store sales growth for the year between 5.0 and 6.0 per cent.

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