Dollarama planning to add 2,000 stores across Canada

Mar 31 2021, 10:13 am

Dollarama said today it plans to add 2,000 stores across Canada in the next 10 years.

The company said its sales in the fourth quarter of Fiscal 2021 increased by 3.6% to $1,103.7 million, compared to $1,065.2 million in the fourth quarter of fiscal 2020.

“We achieved solid results in a truly unprecedented year, which reconfirmed the resilience of our business model and the relevance of our offering to Canadians from all walks of life,” said Dollarama President and CEO Neil Rossy. “Based on our historical performance [and] our position as a weekly shopping destination for Canadian families, we are increasing our long-term growth target in Canada to 2,000 stores by 2031.”

This is an increase from Dollarama’s previously disclosed long-term store target of 1,700 stores in Canada by 2027.

Dollarama attributed the growth in the total number of stores over the past 12 months (from 1,291 stores on February 2, 2020, to 1,356 stores on January 31, 2021) to the overall growth in sales within the same time period.

Excluding temporarily closed stores, comparable store sales for the fourth quarter of fiscal 2021 declined by 0.2%, compared to the fourth quarter of fiscal 2020, reflecting a 27.0% increase in average transaction size and a 21.4% decrease in the number of transactions.

Sales in fiscal 2021 increased by 6.3% to $4,026.3 million, compared to $3,787.3 million in fiscal 2020. Net earnings totalled $173.9 million, or $0.56 per diluted common share, in the fourth quarter of fiscal 2021, compared to $178.7 million in the fourth quarter of fiscal 2020.

Eric ZimmerEric Zimmer

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