The Canadian retail chain expects to continue benefiting from strong demand for \u0027affordable, everyday items\u0027 amid inflation. Read more.
Dollarama’s sales grew 18.2 per cent annually to over $1.2 billion for the second quarter, which the CEO attributed to strong demand for “everyday essentials” observed since the beginning of the year. The company said the sales increase was driven by growth in its total number of stores over the past 12 months.Article content
The retailer also registered strong seasonal sales during the quarter for both spring and summer products, such as beach toys and barbecue accessories, after a decline last year stemming from Ontario’s weeks-long ban on selling non-essential items during the COVID-19 lockdown.“During that time, over 40 per cent of our total store network couldn’t sell non-essential items.
Executives said that with no incremental direct costs related to COVID-19 measures during the second quarter, its expenses represented a smaller percentage of sales compared to that of the previous year, which had an additional $11.7 million in such costs.Article content Financing costs also jumped by $3.8 million for the quarter mainly due to higher average debt levels and a slightly higher average borrowing rate.
Dollarama reported net earnings of $193.5 million and said diluted net earnings increased by 37.5 per cent to 66 cents per share in the three months ending July 31.
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