Dollarama Q2 profit soars to $131.8 million
Montreal-based retail chain also reports year-over-year sales increase
Dollarama is reporting a $131.8 million profit in its second quarter, which saw an 11.5% increase in sales compared with the same time last year.
The Montreal-based retail chain says its profit amounted to $1.15 per common share of net income.
That's up 30% from 88 cents per share in last year's second quarter.
Dollarama says the higher per-share profit is mainly due to higher sales, which rose to $812.5 million, as well as higher margins and the company's share buyback program.
During the second quarter ended July 30, the company repurchased 1.3 million shares at a weighted average price of $122.86 per share.
At the end of the quarter, Dollarama had 1,125 stores that sell a wide range of merchandise at prices ranging from $1 to $4 per item.