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Canada: Dollarama Q2 fiscal 2021: 5.4% store sales growth

Non-Food Discount Retail Chain Dollarama profited from the demand for summer household and cleaning items. This demand spur increased the comparable store sales of 5.4% and sales of 7.1% for the public listed Dollarama in its second quarter fiscal 2021.

“Our strong financial performance in the second quarter reflects Dollarama's positioning as a shopping destination of choice for Canadians from coast to coast for convenience and a compelling assortment of affordable, everyday products. Our sales were strong, driven by the demand for summer seasonal items, and store traffic improved with each month as provincial reopening plans unfolded," said president and CEO Neil Rossy.

Rossy adds that store traffic increased in the quarter as provinces eased COVID-related restrictions.

“All of our stores were open to serve customers entering the third quarter and we continue to closely monitor consumer shopping patterns to ensure our store offering remains relevant to Canadian families in the evolving socio-economic environment shaped by the pandemic. The health and safety of our employees and customers remain paramount. We will diligently maintain our COVID-19 operating procedures and health and safety measures in accordance with public health directives and as the situation continues to evolve.”

At the end of Dollarama’s first quarter on May 3, 2020, 104 stores remained temporarily closed across the country due to government-mandated closures but by June 19, 2020, all stores had reopened although 10% continued to operate with reduced operating hours. By September 1, only 83 stores had reduced operating hours.

Second quarter sales of Fiscal 2021 increased 7.1% to CAN $1,013.6 million (US$775mn), compared to CAN $946.4 million (US$724mn) in the same period of the previous fiscal year.

Dollarama attributes the increase in sales to the growth of stores over the past 12 months – from 1,250 in August 2019 to 1,314 in August 2020 – and to an increase in comparable store sales.

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