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28% jump in profits at Dollarama in the 3rd quarter

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Quebec retailer Dollarama saw its sales and profits swell in the third quarter of 2023 .

The Canadian Press

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Dollarama reports a 27.8% year-over-year increase in its third-quarter operating profit, which rose this year to $386.7 million.

During the same period, the Quebec retailer's diluted net income per common share increased by 31.4% to $0.92, compared to $0.70 a year earlier.< /p>

Inflation Continues to Push Consumers into the Arms of Dollarama establish at 1.477 billion, compared to 1.289 billion for the corresponding period of the previous financial year.

Dollarama attributes the increase to the increase in the total number of stores over the past 12 months as well as the 11.1% increase in same-store sales. The chain went from 1,462 stores as of October 30, 2022 to 1,541 as of October 29.

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Dollarama has more than 1,200 stores in Canada.

Dollarama President and CEO Neil Rossy reports that there has been growth in same-store sales in double digits for a sixth straight quarter and earnings per share increase of more than 31%.

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In his opinion, the financial and operational performance since the start of the fiscal year reflects the solidity and the relevance of the retailer's business model in a difficult macroeconomic context.

Dollarama announced Wednesday that its board of directors has approved a quarterly cash dividend for holders of common shares of $0.0708 per common share, which will be paid on February 2.

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