The rising cost of living has prompted many people to look for bargains, particularly at Dollarama, whose sales have experienced marked growth in recent months.
The nationally recognized value retailer posted net income of $369.4 million at the end of the second quarter of its 2023 fiscal year, an increase of 25.8% compared to the same period last year. year.
“Our strong performance for the first half of fiscal 2023 reflects continued consumer response to our unique value proposition, particularly in essentials, as Canadians of all walks of life are adjusting to the high inflation environment,” said Dollarama President and CEO Neil Rossy.
With an 18.2% increase, sales reached $1.22 billion compared to $1.03 billion for the previous fiscal year. These positive results are, among other things, due to the growth in sales, but also to the increase in the number of the company's stores, which increased from 1,381 in 2021 to 1,444 in 2022.
The result diluted earnings per share also experienced strong growth, rising to $0.66 (+37.5%).
Faced with these results and the rising cost of living, “the Company expects to continue capitalize on strong demand for its affordable consumer staples, which offer attractive value in an inflationary environment, including higher demand than in the past for low-margin consumer staples “, we said in a press release.
Katrine Johns has been a reporter on the news desk since 2013. Before that she wrote about young adolescence and family dynamics for Styles and was the legal affairs correspondent for the Metro desk. Before joining The Gal Post, Katrine Johns worked as a staff writer at the Village Voice and a freelancer for Newsday, The Wall Street Journal, GQ and Mirabella. To get in touch, contact me through my firstname.lastname@example.org 1-800-268-7128