Dollarama (DOL) has reported a 24% increase in its quarterly profit as its stores see increased foot traffic and greater sales.
The Montreal-based company said its quarterly revenue grew 21% year-over-year as consumers seek out cheaper prices amid persistently high inflation.
For the quarter ended April 30, Dollarama reported earnings of $179.9 million, up 23% from $145.5 million a year earlier.
The profits amounted to $0.63 per share, up from $0.49 a share a year ago. Revenue totalled $1.29 billion, up 21% from $1.07 billion in the same quarter of 2022.
Analysts who cover the company had, on average, expected a profit of $0.59 a share and $1.25 billion in revenue, according to Refinitiv data.
Dollarama said its same-store sales grew nearly 17% and that it opened 21 net new stores in the quarter, bringing its total retail network to 1,507 outlets.
Dollarama’s stock has gained 13% over the last 12 months to trade at $82.93 per share
