Increased stores boosts Dollarama sales

Dollarama Inc. has sales of $1.29 billion for the first quarter of fiscal 2024, up 20.7% compared to sales of $1.07 billion in the first quarter of fiscal 2023. This increase was driven by growth in the total number of stores over the past 12 months and increased comparable store sales. Comparable store sales for the quarter increased by 17.1% year over year, reflecting a 15.5% increase in the number of transactions and a 1.4% increase in average transaction size. The company had earnings before interest and taxes of $366.3 million, or 28.3% of sales, for the first quarter, compared to $300 million, or 28% of sales, in the prior-year period. Gross margin remained relatively flat year over year, coming in at 42.2% of sales in the quarter compared to 42.1% of sales in the previous year. Net earnings were $179.9 million compared to $145.5 million.