- 11.1% increase in comparable store sales(1)
- 24.0% growth in EBITDA(1) to $478.8 million, or 32.4% of sales
- Diluted net earnings per common share up 31.4% to $0.92
- Fiscal 2024 guidance for comparable store sales growth
increased to between 11.0% to 12.0%
MONTREAL, Dec. 13,
2023 /PRNewswire/ - Dollarama Inc. (TSX: DOL)
("Dollarama" or the "Corporation") today reported its financial
results for the third quarter ended October
29, 2023.
Fiscal 2024 Third Quarter Highlights Compared to Fiscal 2023
Third Quarter Results
- Sales increased by 14.6% to $1,477.7
million
- Comparable store sales grew 11.1%, over and above 10.8% growth
the previous year
- EBITDA increased by 24.0% to $478.8
million, or 32.4% of sales, compared to 29.9% of sales
- Operating income increased by 27.8% to $386.7 million, or 26.2% of sales, compared to
23.5% of sales
- Diluted net earnings per common share increased by 31.4% to
$0.92, from $0.70
- 16 net new stores opened, compared to 18 net new stores
- 1,740,514 common shares repurchased for cancellation for a
total consideration of $166.0
million
"Sustained consumer demand for our broad range of affordable
everyday products and strong execution in the third quarter of
Fiscal 2024 drove double-digit same store sales growth for a sixth
consecutive quarter as well as over 31% earnings per share growth.
Our financial and operational performance year-to-date reflects the
strength and relevance of our value proposition and business model
in a challenging macro-economic
context," said Neil Rossy, President and CEO.
|
Explanatory
Notes
|
|
|
All comparative figures
that follow are for the third quarter ended October 29, 2023,
compared to the third quarter ended October 30, 2022. All
financial information presented in this press release has been
prepared in accordance with generally accepted accounting
principles in Canada ("GAAP") as set out in the CPA Canada Handbook
– Accounting under Part I, which incorporates International
Financial Reporting Standards ("IFRS") as issued by the
International Accounting Standards Board ("IASB"). EBITDA, EBITDA
margin, total debt, net debt and adjusted net debt to EBITDA ratio,
which are referred to as "non-GAAP measures", are used to provide a
better understanding of the Corporation's financial results. For a
full explanation of the Corporation's use of non-GAAP and other
financial measures, please refer to the section entitled "Non-GAAP
and Other Financial Measures" of this press release. All references
to "Fiscal 2023" are to the Corporation's fiscal year ended January
29, 2023, and to "Fiscal 2024" are to the Corporation's fiscal year
ending January 28, 2024.
|
|
__________________________
|
|
(1) We
refer the reader to the notes in the section entitled "Non-GAAP and
Other Financial Measures" of this press release for the definition
of these items and, where applicable, their reconciliation with the
most directly comparable GAAP measure.
|
Fiscal 2024 Third Quarter Financial Results
Sales for the third quarter of Fiscal 2024 increased by
14.6% to $1,477.7 million,
compared to $1,289.6 million in
the corresponding period of the prior fiscal year. This increase
was driven by growth in the total number of stores over the past
12 months (from 1,462 stores on October 30, 2022, to
1,541 stores on October 29, 2023) and increased
comparable store sales.
Comparable store sales for the third quarter of Fiscal 2024
increased by 11.1%, consisting of a 10.4% increase in the number of
transactions and a 0.6% increase in average transaction size, over
and above comparable store sales growth of 10.8% in the
corresponding period of the prior fiscal year. The increase in
comparable store sales is primarily attributable to higher sales
across all product categories, including continued higher than
historical demand for consumables.
EBITDA totalled $478.8 million, or 32.4% of sales, for the
third quarter of Fiscal 2024, compared to $386.2 million, or 29.9% of sales, in the
third quarter of Fiscal 2023.
Gross margin(1) was 45.4% of sales in the third
quarter of Fiscal 2024, compared to 43.3% of sales in the
third quarter of Fiscal 2023. Gross margin as a percentage of
sales was higher primarily as a result of lower inbound shipping
costs and lower logistics costs.
General, administrative and store operating expenses
("SG&A") for the third quarter of Fiscal 2024 increased by
17.6% to $213.8 million,
compared to $181.8 million for
the third quarter of Fiscal 2023. SG&A represented 14.5%
of sales for the third quarter of Fiscal 2024, compared to
14.1% of sales for the third quarter of Fiscal 2023. This
variance reflects higher store labour costs and the timing of
other operating costs.
The Corporation's 50.1% share of Dollarcity's net earnings for
the period from July 1, 2023 to September 30, 2023
was $18.0 million, compared to
$9.2 million for the same period
last year. The Corporation's investment in Dollarcity is accounted
for as a joint arrangement using the equity method.
Net financing costs increased by $6.3 million, from $30.4 million for the third quarter of
Fiscal 2023 to $36.7 million for the third quarter of
Fiscal 2024. The increase is mainly due to a higher average
borrowing rate, as well as higher average debt levels from
Fixed Rate Notes (defined hereinafter) and lease liabilities.
Net earnings were $261.1 million, or $0.92 per diluted common share, in the third
quarter of Fiscal 2024, compared to $201.6 million, or $0.70 per diluted common share, in the third
quarter of Fiscal 2023.
|
_______________________________
|
|
(1) We
refer the reader to the notes in the section entitled "Non-GAAP and
Other Financial Measures" of this press release for the definition
of these items and, where applicable, their reconciliation with the
most directly comparable GAAP measure.
|
Dollarcity Store Growth
During its third quarter ended September 30, 2023,
Dollarcity opened 22 net new stores, compared to
18 net new stores in the same period last year. As at
September 30, 2023, Dollarcity had 480 stores with
287 locations in Colombia,
96 in Guatemala, 68 in
El Salvador and 29 in Peru. This compares to 440 stores as at
December 31, 2022.
Normal Course Issuer Bid ("NCIB")
During the third quarter of Fiscal 2024, 1,740,514 common
shares were repurchased for cancellation under the Corporation's
NCIB for a total cash consideration of $166.0 million, at a weighted average price of
$95.40 per share.
Dividend
On December 13, 2023, the Corporation announced that
its board of directors approved a quarterly cash dividend for
holders of common shares of $0.0708 per common share. This dividend is
payable on February 2, 2024 to shareholders of record at
the close of business on January 5, 2024. The dividend is
designated as an "eligible dividend" for Canadian tax purposes.
Outlook(2)
Based on our performance fiscal year-to-date and assuming
continued positive customer response to our product offering, value
proposition and in-store merchandising in the fourth quarter of
Fiscal 2024, the Corporation has increased its full-year comparable
store sales guidance to a range of 11.0% to 12.0%. All other
guidance ranges and underlying assumptions remain unchanged.
|
(as a percentage of
sales except net new store
openings in units and capital expenditures in millions
of dollars)
|
|
Fiscal
2024
|
|
Guidance as provided
on
September 13,
2023
|
Revised Guidance as
at
December 13, 2023
|
|
Net new store
openings
|
|
60 to 70
|
No change
|
|
Comparable store
sales
|
|
10.0% to
11.0%
|
11.0% to
12.0%
|
|
Gross margin
|
|
43.5% to
44.5%
|
No change
|
|
SG&A
|
|
14.7% to
15.2%
|
No change
|
|
Capital
expenditures
|
|
$190.0 to
$200.0(i)
|
No change
|
|
(i)
|
Excludes the cost of
the previously announced property acquisition, which closed on
August 16, 2023 for a total capital cost of
$88.1 million.
|
These guidance ranges are based on several assumptions,
including the following:
- The number of signed offers to lease and the store pipeline for
the next three months and the absence of delays outside of our
control on construction activities
- No material increases in occupancy costs in the short- to
medium-term
- Continued positive customer response to Dollarama's product
offering, value proposition and in-store merchandising
- Approximately three months of visibility on open orders and
product margins
- The active management of product margins, including through
pricing strategies and refreshing some of the product offering
- The continued stabilization of our supply chain and logistics
environment
- The inclusion of the Corporation's share of net earnings of its
equity-accounted investment
- The entering into of foreign exchange forward contracts to
hedge the majority of forecasted purchases of merchandise in U.S.
dollars against fluctuations of the Canadian dollar against the
U.S. dollar
- The continued execution of in-store productivity initiatives
and the realization of cost savings and benefits aimed at improving
operating expense
- The absence of a significant shift in labour, economic and
geopolitical conditions or material changes in the retail
competitive environment
- No significant changes in the capital budget for Fiscal 2024
for new store openings, maintenance capital expenditures, and
transformational capital expenditures, the latter being mainly
related to information technology projects and which budget
excludes the purchase price for the previously announced property
acquisition which closed on August 16,
2023
- The successful execution of our business strategy
- The absence of pandemic-related restrictions impacting consumer
shopping patterns or incremental direct costs related to health and
safety measures
- The absence of unusually adverse weather, especially in peak
seasons around major holidays and celebrations
|
__________________________________
|
|
(2) To
be read in conjunction with the "Forward-Looking Statements"
section of this press release.
|
The Corporation has generated six consecutive quarters of
double-digit comparable store sales and expects that comparable
store sales growth will eventually normalize.
Many factors could cause actual results, level of activity,
performance or achievements or future events or developments to
differ materially from those expressed or implied by the foregoing
forward-looking statements, including the Fiscal 2024 guidance and
the underlying assumptions. These statements, including the various
underlying assumptions, are forward-looking and should be read in
conjunction with the cautionary statement on forward-looking
statements.
Forward-Looking Statements
Certain statements in this press release about our current and
future plans, expectations and intentions, results, levels of
activity, performance, goals or achievements or any other future
events or developments constitute forward-looking statements. The
words "may", "will", "would", "should", "could", "expects",
"plans", "intends", "trends", "indications", "anticipates",
"believes", "estimates", "predicts", "likely" or "potential" or the
negative or other variations of these words or other comparable
words or phrases, are intended to identify forward-looking
statements.
Forward-looking statements are based on information currently
available to management and on estimates and assumptions made by
management regarding, among other things, general economic and
geopolitical conditions and the competitive environment within the
retail industry in Canada and in
Latin America, in light of its
experience and perception of historical trends, current conditions
and expected future developments, as well as other factors that are
believed to be appropriate and reasonable in the circumstances.
However, there can be no assurance that such estimates and
assumptions will prove to be correct. Many factors could cause
actual results, level of activity, performance or achievements or
future events or developments to differ materially from those
expressed or implied by the forward-looking statements, including
the factors which are outlined in the management's discussion and
analysis for the third quarter of Fiscal 2024 and discussed in
greater detail in the "Risks and Uncertainties" section of the
Corporation's annual management's discussion and analysis for
Fiscal 2023, both available on SEDAR+ at
www.sedarplus.com and on the Corporation's website at
www.dollarama.com.
These factors are not intended to represent a complete list of
the factors that could affect the Corporation or Dollarcity;
however, they should be considered carefully. The purpose of the
forward-looking statements is to provide the reader with a
description of management's expectations regarding the
Corporation's and Dollarcity's financial performance and may not be
appropriate for other purposes. Readers should not place undue
reliance on forward-looking statements made herein. Furthermore,
unless otherwise stated, the forward-looking statements contained
in this press release are made as at December 13, 2023 and management has no intention
and undertakes no obligation to update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise, except as required by law. The
forward-looking statements contained in this press release are
expressly qualified by this cautionary statement.
Conference Call
Dollarama will hold a conference call to discuss its
Fiscal 2024 third quarter results today,
December 13, 2023 at 10:30 a.m. (ET). Financial
analysts are invited to ask questions during the call. Other
interested parties may participate in the call on a listen-only
basis. The live audio webcast is accessible through Dollarama's
website at www.dollarama.com/en-CA/corp/events-presentations.
About Dollarama
Dollarama is a recognized Canadian value retailer offering a
broad assortment of consumable products, general merchandise and
seasonal items both in-store and online. Our 1,541 locations across
Canada provide customers with
compelling value in convenient locations, including metropolitan
areas, mid-sized cities and small towns. Select products are also
available, by the full case only, through our online store at
www.dollarama.com. Our quality merchandise is sold at select fixed
price points up to $5.00.
Dollarama also owns a 50.1% interest in Dollarcity, a growing
Latin American value retailer. Dollarcity offers a broad assortment
of consumable products, general merchandise and seasonal items at
select, fixed price points up to US$4.00 (or the equivalent in local currency) in
480 conveniently located stores in El
Salvador, Guatemala,
Colombia and Peru.
Selected Consolidated Financial Information
|
|
13-Week Periods
Ended
|
|
39-Week Periods
Ended
|
|
(dollars and shares
in thousands, except per
share amounts)
|
|
October
29,
2023
|
|
October
30,
2022
|
|
October
29,
2023
|
|
October
30,
2022
|
|
|
$
|
|
$
|
|
$
|
|
$
|
|
Earnings
Data
|
|
|
|
|
|
|
|
|
|
Sales
|
|
1,477,692
|
|
1,289,574
|
|
4,228,177
|
|
3,579,518
|
|
Cost of
sales
|
|
807,462
|
|
730,812
|
|
2,373,350
|
|
2,038,832
|
|
Gross profit
|
|
670,230
|
|
558,762
|
|
1,854,827
|
|
1,540,686
|
|
SG&A
|
|
213,766
|
|
181,754
|
|
607,724
|
|
510,703
|
|
Depreciation and
amortization
|
|
87,797
|
|
83,563
|
|
258,545
|
|
245,514
|
|
Share of net earnings
of equity-accounted
investment
|
|
(17,989)
|
|
(9,210)
|
|
(42,485)
|
|
(25,627)
|
|
Operating
income
|
|
386,656
|
|
302,655
|
|
1,031,043
|
|
810,096
|
|
Net financing
costs
|
|
36,705
|
|
30,357
|
|
109,458
|
|
81,380
|
|
Earnings before income
taxes
|
|
349,951
|
|
272,298
|
|
921,585
|
|
728,716
|
|
Income taxes
|
|
88,896
|
|
70,704
|
|
234,895
|
|
188,141
|
|
Net earnings
|
|
261,055
|
|
201,594
|
|
686,690
|
|
540,575
|
|
|
|
|
|
|
|
|
|
|
Basic net earnings per
common share
|
|
$0.92
|
|
$0.70
|
|
$2.42
|
|
$1.86
|
|
Diluted net earnings
per common share
|
|
$0.92
|
|
$0.70
|
|
$2.41
|
|
$1.85
|
|
|
|
|
|
|
|
|
|
|
Weighted average number
of common shares
outstanding:
|
|
|
|
|
|
|
|
|
|
Basic
|
|
282,587
|
|
287,837
|
|
283,921
|
|
290,347
|
|
Diluted
|
|
283,595
|
|
289,636
|
|
285,059
|
|
292,105
|
|
|
|
|
|
|
|
|
|
|
Other
Data
|
|
|
|
|
|
|
|
|
|
Year-over-year sales
growth
|
|
14.6 %
|
|
14.9 %
|
|
18.1 %
|
|
15.3 %
|
|
Comparable store sales
growth (1)
|
|
11.1 %
|
|
10.8 %
|
|
14.4 %
|
|
10.5 %
|
|
Gross margin
(1)
|
|
45.4 %
|
|
43.3 %
|
|
43.9 %
|
|
43.0 %
|
|
SG&A as a % of
sales (1)
|
|
14.5 %
|
|
14.1 %
|
|
14.4 %
|
|
14.3 %
|
|
EBITDA
(1)
|
|
478,803
|
|
386,218
|
|
1,302,265
|
|
1,055,610
|
|
Operating margin
(1)
|
|
26.2 %
|
|
23.5 %
|
|
24.4 %
|
|
22.6 %
|
|
Capital expenditures
(2)
|
|
129,894
|
|
35,847
|
|
218,789
|
|
104,269
|
|
Number of stores
(3)
|
|
1,541
|
|
1,462
|
|
1,541
|
|
1,462
|
|
Average store size
(gross square feet) (3)
|
|
10,469
|
|
10,443
|
|
10,469
|
|
10,443
|
|
Declared dividends per
common share
|
|
$0.0708
|
|
$0.0553
|
|
$0.2124
|
|
$0.1659
|
|
|
|
As at
|
|
(dollars in
thousands)
|
|
October 29,
2023
|
|
January 29,
2023
|
|
|
|
$
|
|
$
|
|
Statement of
Financial Position Data
|
|
|
|
|
|
Cash and cash
equivalents
|
|
730,178
|
|
101,261
|
|
Inventories
|
|
940,313
|
|
957,172
|
|
Total current
assets
|
|
1,734,547
|
|
1,156,947
|
|
Property, plant and
equipment
|
|
926,646
|
|
802,750
|
|
Right-of-use
assets
|
|
1,779,583
|
|
1,699,755
|
|
Total assets
|
|
5,674,945
|
|
4,819,656
|
|
Total current
liabilities
|
|
1,151,616
|
|
1,162,874
|
|
Total non-current
liabilities
|
|
4,197,358
|
|
3,628,372
|
|
Total debt
(1)
|
|
2,760,827
|
|
2,251,903
|
|
Net debt
(1)
|
|
2,030,649
|
|
2,150,642
|
|
Shareholders'
equity
|
|
325,971
|
|
28,410
|
|
|
|
|
|
|
|
(1)
|
Refer to the section
below entitled "Non-GAAP and Other Financial Measures" for the
definition of these items and, where applicable, their
reconciliation with the most directly comparable GAAP
measure.
|
|
(2)
|
Includes the previously
announced property acquisition, which closed on August 16, 2023 for
a total capital cost of $88.1 million.
|
|
(3)
|
At the end of the
period.
|
Non-GAAP and Other Financial Measures
The Corporation prepares its financial information in accordance
with GAAP. Management has included non-GAAP and other financial
measures to provide investors with supplemental measures of the
Corporation's operating and financial performance. Management
believes that those measures are important supplemental metrics of
operating and financial performance because they eliminate items
that have less bearing on the Corporation's operating and financial
performance and thus highlight trends in its core business that may
not otherwise be apparent when relying solely on GAAP measures.
Management also believes that securities analysts, investors and
other interested parties frequently use non-GAAP and other
financial measures in the evaluation of issuers. Management also
uses non-GAAP and other financial measures to facilitate operating
and financial performance comparisons from period to period, to
prepare annual budgets and to assess their ability to meet the
Corporation's future debt service, capital expenditure and working
capital requirements.
The below-described non-GAAP and other financial measures do not
have a standardized meaning prescribed by GAAP and are therefore
unlikely to be comparable to similar measures presented by other
issuers and should be considered as a supplement to, not a
substitute for, or superior to, the comparable measures calculated
in accordance with GAAP.
(A) Non-GAAP Financial Measures
EBITDA
EBITDA represents operating income plus depreciation and
amortization and includes the Corporation's share of net earnings
of its equity-accounted investment. Management believes EBITDA
represents a supplementary metric to assess profitability and
measure the Corporation's underlying ability to generate liquidity
through operating cash flows.
|
|
13-Week Periods
Ended
|
|
39-Week Periods
Ended
|
|
(dollars in
thousands)
|
|
October
29,
2023
|
|
October
30,
2022
|
|
October
29,
2023
|
|
October
30,
2022
|
|
|
$
|
|
$
|
|
$
|
|
$
|
|
A reconciliation of
operating income to
EBITDA is included below:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
income
|
|
386,656
|
|
302,655
|
|
1,031,043
|
|
810,096
|
|
Add: Depreciation and
amortization
|
|
92,147
|
|
83,563
|
|
271,222
|
|
245,514
|
|
EBITDA
|
|
478,803
|
|
386,218
|
|
1,302,265
|
|
1,055,610
|
Total debt
Total debt represents the sum of long-term debt (including
unamortized debt issue costs, accrued interest and fair value hedge
– basis adjustment), short-term borrowings under the US commercial
paper program and other bank indebtedness (if any). Management
believes Total debt is a measure that facilitates the understanding
of the Corporation's corporate financial position in relation to
its financing obligations.
|
(dollars in
thousands)
|
As at
|
|
A reconciliation of
long-term debt to total debt is included below:
|
October 29,
2023
|
|
January 29,
2023
|
|
Senior unsecured notes
(the "Fixed Rate Notes") bearing interest at:
|
$
|
|
$
|
|
Fixed annual rate of
5.165% payable in equal semi-annual instalments,
maturing April 26,
2030
|
450,000
|
|
450,000
|
|
Fixed annual rate of
2.443% payable in equal semi-annual instalments,
maturing July
9, 2029
|
375,000
|
|
375,000
|
|
Fixed annual rate of
5.533% payable in equal semi-annual instalments,
maturing September 26,
2028
|
500,000
|
|
-
|
|
Fixed annual rate of
1.505% payable in equal semi-annual instalments,
maturing September 20,
2027
|
300,000
|
|
300,000
|
|
Fixed annual rate of
1.871% payable in equal semi-annual instalments,
maturing July 8,
2026
|
375,000
|
|
375,000
|
|
Fixed annual rate of
5.084% payable in equal semi-annual instalments,
maturing October 27,
2025
|
250,000
|
|
250,000
|
|
Fixed annual rate of
3.550% payable in equal semi-annual instalments,
matured on
November 6, 2023
|
500,000
|
|
500,000
|
|
|
|
|
|
Unamortized debt issue
costs, including $1,465 (January 29, 2023 – $1,609) for the
credit facility
|
(9,668)
|
|
(9,107)
|
|
Accrued interest on the
Fixed Rate Notes
|
20,767
|
|
17,177
|
|
Fair value hedge –
basis adjustment on interest rate swap
|
(272)
|
|
(6,167)
|
|
Total
debt
|
2,760,827
|
|
2,251,903
|
Net debt
Net debt represents total debt minus cash and cash equivalents.
Management believes Net debt represents a measure to assess the
financial position of the Corporation including all financing
obligations, net of cash.
|
(dollars in
thousands)
|
|
As at
|
|
|
October 29,
2023
|
|
January 29,
2023
|
|
|
$
|
|
$
|
|
A reconciliation of
total debt to net debt is included below:
|
|
|
|
|
|
|
|
|
|
|
Total debt
|
|
2,760,827
|
|
2,251,903
|
|
Cash and cash
equivalents
|
|
(730,178)
|
|
(101,261)
|
|
Net
debt
|
|
2,030,649
|
|
2,150,642
|
(B) Non-GAAP Ratios
Adjusted net debt to EBITDA ratio
Adjusted net debt to EBITDA ratio is a ratio calculated using
adjusted net debt over consolidated EBITDA for the last twelve
months. Management uses this ratio to partially assess the
financial condition of the Corporation. An increasing ratio would
indicate that the Corporation is utilizing more debt per dollar of
EBITDA generated.
|
(dollars in
thousands)
|
|
As at
|
|
|
October
29,
2023
|
|
January 29,
2023
|
|
|
$
|
|
$
|
|
A calculation of
adjusted net debt to EBITDA ratio is included below:
|
|
|
|
|
|
|
|
|
|
|
Net debt
|
|
2,030,649
|
|
2,150,642
|
|
Lease
liabilities
|
|
2,055,790
|
|
1,960,743
|
|
Unamortized debt issue
costs
|
|
9,668
|
|
9,107
|
|
Fair value hedge -
basis adjustment on interest rate swap
|
|
272
|
|
6,167
|
|
Adjusted net
debt
|
|
4,096,379
|
|
4,126,659
|
|
|
|
|
|
|
EBITDA for the last
twelve-month period
|
|
1,769,948
|
|
1,523,293
|
|
Adjusted net debt to
EBITDA ratio
|
|
2.31x
|
|
2.71x
|
EBITDA margin
EBITDA margin represents EBITDA divided by sales. Management
believes that EBITDA margin is useful in assessing the performance
of ongoing operations and efficiency of operations relative to its
sales.
|
|
13-Week Periods
Ended
|
|
39-Week Periods
Ended
|
|
(dollars in
thousands)
|
|
October
29,
2023
|
|
October
30,
2022
|
|
October
29,
2023
|
|
October
30,
2022
|
|
|
$
|
|
$
|
|
$
|
|
$
|
|
A reconciliation
of EBITDA to EBITDA margin
is included below:
|
|
|
|
|
|
|
|
|
EBITDA
|
|
478,803
|
|
386,218
|
|
1,302,265
|
|
1,055,610
|
|
Sales
|
|
1,477,692
|
|
1,289,574
|
|
4,228,177
|
|
3,579,518
|
|
EBITDA
margin
|
|
32.4 %
|
|
29.9 %
|
|
30.8 %
|
|
29.5 %
|
(C) Supplementary Financial Measures
|
Gross
margin
|
Represents gross profit
divided by sales, expressed as a percentage of sales.
|
|
|
|
Operating
margin
|
Represents operating
income divided by sales, expressed as a percentage of
sales.
|
|
|
|
SG&A as a % of
sales
|
Represents SG&A
divided by sales.
|
|
|
|
Comparable store
sales
|
Represents sales of
Dollarama stores, including relocated and expanded stores, open for
at least
13 complete fiscal
months relative to the same period in the prior fiscal
year.
|
|
|
|
Comparable store
sales growth
|
Represents the
percentage increase or decrease, as applicable, of comparable store
sales
relative to the same period in the prior fiscal year.
|
View original
content:https://www.prnewswire.com/news-releases/dollarama-reports-fiscal-2024-third-quarter-results-302013462.html
SOURCE Dollarama Inc.