Dollarama aims to open 2,000 stores across Canada by 2031. Credit: Jeff Hitchcock/Flickr (Creative Commons).

Canada-based retail chain Dollarama has reported total sales of C$1.29bn ($966.3m) in the first quarter (Q1) of fiscal year (FY) 2024, up by 20.7% compared to the same period in FY23.

Sales for the quarter ending 30 April 2023 were driven by growth in stores portfolio and comparable store sales, which grew 17.1%, over and above the 7.3% increase in FY23.

Go deeper with GlobalData

Premium Insights

The gold standard of business intelligence.

Find out more

Related Company Profiles

View all

Dollarama’s earnings before interest, taxes, depreciation and amortisation (EBITDA) also increased by 22.1% to C$366.3m ($274.4m), representing 28.3% of sales in Q1 FY24.

The retailer saw its operating income increase to C$277.6m ($207.34m), up 26.2% against the corresponding period a year ago.

Its net earnings for the period were C$179.9m ($134.3m) while diluted net earnings per share also increased by 28.6% to C$0.63 ($0.47) in Q1 FY24.

See Also:

Dollarama opened 21 new stores, ending the quarter with 1,507 stores. It has plans for 2,000 store openings across Canada by 2031.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

Dollarama president and CEO Neil Rossy said: “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% increase in comparable store sales in the first quarter of fiscal 2024.

“We were also pleased to publish our 2023 ESG Report this morning, outlining our evolving ESG strategy, as well as our progress against our goals. The objective is to ensure that we continue delivering on our value promise to our customers and our shareholders as we advance our ESG priorities across our key pillars, from our climate strategy to our people, products and supply chain.”

The retailer expects comparable store sales to grow between 5.0% and 6.0% in FY24 while its gross margin was expected to be in the range of 43.5% to 44.5%.