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| You little money maker |
Dollarama reported a 15 percent rise in quarterly profit as both new stores and spendy customers added to the bottom line. Any casual observer of the little Bayview Ave. store can tell Dollarama is busy. Company net income rose to C$68.9 million ($62.6 million) or C$1.03 per share in the second quarter ended Aug. 3 from C$59.8 million, or 82 Canadian cents per share, a year earlier. Revenue rose 12 percent to C$572.6 million. The company also said it would issue as dividend one share for each share held.”The progress we are making in our financial results is directly attributable to our continued focus on organic growth in the Canadian market with the opening of 89 net new stores over the past twelve months and our objective of improving the operational effectiveness and efficiency of our business. With the opening of 43 net new stores so far in Fiscal 2015, we are on target to expand our store network across Canada by 70 to 80 net new stores this year,” stated Larry Rossy, Chief Executive Officer and Chairman of Dollarama.
