Dollarama’s first-quarter profit rises 7.3% to $101.6 million on higher sales

Dollarama’s first-quarter profit rises 7.3% to $101.6 million on higher sales
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MONTREAL — Dollarama Inc. says its first-quarter profit increased to $101.6 million from $94.7 million last year, mainly as a result of increased sales and cost controls.

The Montreal-based company’s net income amounted to 92 cents per diluted share, up from 82 cents per share in last year’s fiscal first quarter.

Sales for the 13 weeks ended April 29 were $756.1 million, up 7.3 per cent from $704.9 million in the comparable period a year earlier.

Comparable store sales grew 2.6 per cent from last year, while the number of stores grew by 62 locations to 1,170.

The discount retailer said its cost control efforts and productivity improvements had reduced overhead costs as a percentage of sales and mitigated the impact of minimum wage increases, which went into effect in Ontario on Jan. 1.

Companies in this story: (TSX:DOL)

 

The Canadian Press

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