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Industry NewsDollarama Q1 2024 sales up 17.1% as shoppers turn to discount

Dollarama Q1 2024 sales up 17.1% as shoppers turn to discount

Dollarama Inc. has reported its fiscal 2024 first quarter results including a significant jump in profits as shoppers turn to discount in an inflationary environment.

Highlights compared to fiscal 2023 first quarter results

  • Sales increased by 20.7 per cent to $1,294.5 million, compared to $1,072.9 million
  • Comparable store sales grew 17.1 per cent, over and above the 7.3 per cent growth in the previous year
  • EBITDA increased by 22.1 per cent to $366.3 million, or 28.3 per cent of sales, compared to 28.0 per cent of sales
  • Operating income increased by 26.2 per cent to $277.6 million, or 21.4 per cent of sales, compared to 20.5 per cent of sales
  • Diluted net earnings per share increased by 28.6 per cent to $0.63, compared to $0.49
  • 21 net new stores opened, compared to 10 net new stores

“Canadians from all walks of life continue to respond positively to our compelling value proposition and affordable product mix. In the context of persistent inflationary pressure, we delivered a 17 per cent increase in comparable store sales in the first quarter of fiscal 2024. The first quarter also marked the opening of our 1,500th Dollarama store, a significant milestone as we pursue our target of 2,000 stores across Canada by 2031,” said Neil Rossy, president and CEO.

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