BUSINESS

Dollarama Profit Jumps 22% As Sales Rise, More Stores Open

06/10/2015 08:09 EDT | Updated 06/10/2016 05:59 EDT
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MONTREAL - Dollarama Inc. says it had a $64.8-million profit in the first quarter, up nearly 22 per cent from the same time last year and above analyst estimates for the Montreal-based discount retailer.

Its profit amounted to 50 cents per share, up from 39 cents in last year's first quarter and three cents above analyst estimates compiled by Thomson Reuters.

Sales rose nearly 13 per cent to $566.1 million, which was slightly above analyst estimates and up 13 per cent from the last year.

Comparable sales from locations open at least a year were up 6.9 per cent.

Dollarama says revenues were helped by a 5.9 per cent increase in the average transaction value, more transactions and a bigger store network.

The company added 17 stores during the quarter ended May 3, bringing the total to 972 Dollarama stores.

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