- Strong Fiscal 2021 performance with sales growth of 6.3%,
comparable store sales growth of 3.2%, gross margin of 43.8%
of sales and the opening of 65 net new stores
- Long-term store target increased to 2,000 locations in
Canada by 2031
- Quarterly dividend increase of 7.0% to $0.0503 per common share; active resumption of
share buybacks in Fiscal 2022
MONTREAL, March 31, 2021 /PRNewswire/ - Dollarama Inc.
(TSX: DOL) ("Dollarama" or the "Corporation") today reported its
financial results for the fourth quarter and fiscal year ended
January 31, 2021.
"In Fiscal 2021, we achieved solid results in a truly
unprecedented year, which reconfirmed the resilience of our
business model and the relevance of our offering to Canadians from
all walks of life. Our store teams and business leaders came
together quickly to implement new operating procedures to protect
customers and staff in order to provide Canadians with convenient
and affordable access to everyday essentials throughout the
pandemic," stated Neil Rossy,
President and CEO.
"In the fourth quarter, historically our highest sales period of
the year, our strong sales momentum was interrupted by the
introduction of more stringent public health measures in several
provinces in the month of December. These stricter measures
resulted in an abrupt and sustained decline in store traffic and
sales through to fiscal year-end. With such restrictions gradually
lifted starting in February, strong sales momentum returned in
Fiscal 2022 and has remained quarter to date, as consumers continue
to recognize the value and convenience of shopping at
Dollarama."
"Based on our historical performance, our hard-earned position
as a weekly shopping destination for Canadian families, and a
careful evaluation of market potential and dynamics, we are
increasing our long-term growth target in Canada to 2,000 stores by 2031," concluded Mr.
Rossy.
Fiscal 2021 Fourth Quarter Results Highlights
(Compared to Fiscal 2020 Fourth Quarter Results)
- Sales increased by 3.6% to $1,103.7
million;
- Comparable store sales(1) (excluding
temporarily closed stores) decreased 0.2%;
- Gross margin(1) was 45.5% of sales, compared to
44.7% of sales;
- EBITDA(1) decreased by 0.7% to $326.9 million, or 29.6% of sales, compared to
30.9% of sales;
- Operating income decreased by 3.8% to $256.1 million, or 23.2% of sales, compared to
25.0% of sales;
- Incremental direct costs related to COVID-19 measures amounted
to $23.8 million;
- Diluted net earnings per common share was $0.56, compared to $0.57; and
- The Corporation opened 23 net new stores compared to 20 net new
stores.
Fiscal 2021 Results Highlights (Compared to Fiscal 2020
Results)
- Sales increased by 6.3% to $4,026.3
million;
- Comparable store sales(1) (excluding temporarily
closed stores) grew 3.2%;
- Gross margin(1) was 43.8% of sales, compared to
43.6% of sales;
- EBITDA(1) increased by 1.8% to $1,130.6 million, or 28.1% of sales, compared to
29.3% of sales;
- Operating income decreased by 0.8% to $861.0 million, or 21.4% of sales, compared to
22.9% of sales;
- Incremental direct costs related to COVID-19 measures amounted
to $84.0 million;
- Diluted net earnings per common share increased by 1.7%, to
$1.81 from $1.78; and
- The Corporation opened 65 net new stores, compared to 66 net
new stores.
(1)
|
We refer the reader
to the notes in the section entitled "Selected Consolidated
Financial Information" of this press release for the definition of
these items and, when applicable, their reconciliation with the
most directly comparable GAAP measure.
|
All comparative figures in this press release are for the fourth
quarter and fiscal year ended January 31,
2021 compared to the fourth quarter and fiscal year ended
February 2, 2020. 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").
Throughout this press release, EBITDA, EBITDA margin, total debt
and net debt, 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 measures, please refer to footnote 1 of the "Selected
Consolidated Financial Information" section of this press
release.
Throughout this press release, all references to "Fiscal 2020"
are to the Corporation's fiscal year ended February 2, 2020 and to "Fiscal 2021" are to
the Corporation's fiscal year ended January
31, 2021.
Fiscal 2021 Fourth Quarter Financial Results
Sales in the fourth quarter of Fiscal 2021 increased by 3.6% to
$1,103.7 million, compared to
$1,065.2 million in the fourth
quarter of Fiscal 2020. Sales growth was driven by growth in the
total number of Dollarama stores over the past 12 months (from
1,291 stores on February 2, 2020 to
1,356 stores on January 31,
2021).
The ongoing COVID-19 pandemic continued to impact Dollarama's
sales and consumer shopping patterns in the fourth quarter of
Fiscal 2021. Historically, the Corporation's highest sales results
occur during the fourth quarter, with December representing the
highest proportion of sales. The Corporation entered the quarter
with a strong momentum with comparable store sales of 7.0% for the
five-week period ended December 6,
2020 compared to the corresponding period of the previous
fiscal year. However, the introduction of more stringent
measures by provincial authorities in the month of December,
including lockdowns, stricter in–store capacity limits in
Ontario, Quebec and Alberta, and the temporary ban on the sale of
non-essential items in Quebec,
where approximately 30% of the Corporation's stores are located,
negatively impacted in-store traffic and sales for the remainder of
the quarter or, in the case of the ban in Quebec, until such measure was lifted on
February 8, 2021. This is despite a strong increase in
the sale of seasonal products compared to the corresponding period
of the previous fiscal year, the majority of which were recorded
earlier in the quarter than historically.
Excluding temporarily closed stores, comparable store sales for
the full fourth quarter of Fiscal 2021 declined by 0.2%, compared
to the fourth quarter of Fiscal 2020, reflecting a 27.0%
increase in average transaction size and a 21.4% decrease in the
number of transactions.
Gross margin was 45.5% of sales in the fourth quarter of Fiscal
2021, compared to 44.7% of sales in the fourth quarter of Fiscal
2020. Gross margin as a percentage of sales is higher primarily due
to changes in the sales mix, including higher sales of higher
margin items, such as seasonal products.
General, administrative and store operating expenses
("SG&A") for the fourth quarter of Fiscal 2021 totaled
$186.1 million, compared to
$155.7 million for the fourth quarter
of Fiscal 2020. This increase reflects incremental costs of
$23.8 million, representing 215 basis
points, primarily for additional in-store hours to ensure the
execution of COVID-19 protocols and the one-time gratitude bonus
paid to store employees in December
2020. SG&A for the fourth quarter of Fiscal 2021
represented 16.9% of sales, compared to 14.6% of sales for the
fourth quarter of Fiscal 2020.
For the fourth quarter of Fiscal 2021, the Corporation's 50.1%
share of Dollarcity's net earnings for the period from October 1, 2020 to December 31, 2020, was $10.5 million, compared to $8.6 million for the same period last year. The
Corporation's investment in Dollarcity is accounted for as a joint
arrangement using the equity method.
Financing costs decreased by $2.4 million, from $25.2 million for the fourth quarter of Fiscal
2020 to $22.8 million for the
fourth quarter of Fiscal 2021, mainly due to a lower average
borrowing rate on debt.
Net earnings totaled $173.9 million, or $0.56 per diluted common share, in the fourth
quarter of Fiscal 2021, compared to $178.7 million, or $0.57 per diluted common share, in the fourth
quarter of Fiscal 2020. Earnings were adversely impacted by
lower comparable store sales as a result of restrictions imposed by
provincial governments on retailers, and by direct costs related to
COVID–19 measures. These were partially offset by higher margins,
lower financing costs and a higher equity pickup from Dollarcity's
net earnings.
Fiscal 2021 Financial Results
Sales in Fiscal 2021 increased by 6.3% to $4,026.3 million, compared to $3,787.3 million in Fiscal 2020. Sales growth was
driven by growth in comparable store sales and in the total number
of Dollarama stores over the past 12 months (from 1,291 stores on
February 2, 2020 to 1,356 stores
on January 31, 2021). This is despite
government-imposed restrictions on retailers, including some
mandatory store closures in the first and second quarters of
Fiscal 2021 and other measures impacting store traffic and
operating hours to curb the spread of COVID–19.
Excluding stores temporarily closed in the context of the
COVID–19 pandemic, comparable store sales grew 3.2% in Fiscal 2021,
over and above a 4.3% growth in Fiscal 2020. Comparable store sales
growth for Fiscal 2021 consisted of a 29.1% increase in
average transaction size and a 20.1% decrease in the number of
transactions. Comparable store sales growth was driven by increased
demand for certain product categories, including certain seasonal
product categories, household and cleaning products, health and
hygiene essentials and food products, but this positive effect was
partially offset by government-imposed restrictions on retailers,
including the ban on the sale of non-essential items in
Quebec during the fourth quarter
of Fiscal 2021 as well as reduced operating hours and in-store
capacity limits.
Gross margin was 43.8% of sales in Fiscal 2021, compared to
43.6% of sales in Fiscal 2020. Gross margin is slightly higher due
to a change in sales mix, with higher sales of higher margin items,
including seasonal products. Gross margin for Fiscal 2021
includes $2.9 million incremental
direct costs related to COVID-19 measures implemented throughout
Dollarama's operations, including in its logistics chain. Gross
margin includes sales made by the Corporation to Dollarcity, as
principal, which represented approximately 1% of the Corporation's
total sales in Fiscal 2021, and a nominal markup margin.
Consequently, these sales had a minimal impact on gross margin in
Fiscal 2021 and Fiscal 2020.
SG&A for Fiscal 2021 totaled $654.0
million, an 18.5% increase over $551.7 million for Fiscal 2020. SG&A for
Fiscal 2021 represented 16.2% of sales, compared to 14.6% of sales
for Fiscal 2020. This increase reflects incremental costs of
$81.1 million, representing 200 basis
points, for additional in-store hours to ensure the execution of
COVID-19 protocols, temporary wage increases in place between
March 23 and August 2, 2020 and
the one-time gratitude bonus paid in December 2020. Incremental costs were partially
offset by higher labour productivity in stores due to the
processing of a lower number of larger transactions and less
packaway of seasonal inventory as a result of stronger sales for
summer, Halloween and Christmas products.
For Fiscal 2021, the Corporation's 50.1% share of Dollarcity's
net earnings for the period from January 1,
2020 to December 31, 2020 (a
52-week period) was $19.7 million.
For Fiscal 2020, an amount of $10.3
million was recorded as Dollarama's share of Dollarcity's
net earnings for the period from August 14,
2019, the date of Dollarama's acquisition of its interest in
Dollarcity, to December 31, 2019, the end date of Dollarcity's
fiscal year (a 19.5-week period). The Corporation's investment in
Dollarcity is accounted for as a joint arrangement using the equity
method.
Financing costs decreased by $5.0
million, from $100.6 million
for Fiscal 2020 to $95.6 million for
Fiscal 2021, due to a lower average borrowing rate on
debt.
Net earnings totaled $564.3
million, or $1.81 per diluted
common share, for Fiscal 2021, compared to $564.0 million, or $1.78 per diluted common share, for Fiscal 2020.
Net earnings for Fiscal 2021 reflect higher sales, improved
gross margin, lower financing costs and a higher equity pickup from
Dollarcity's net earnings, this time for a full 12-month period,
partially offset by incremental COVID–19 direct costs. Earnings per
common share were also positively impacted by the repurchase of
shares through the Corporation's normal course issuer bid over the
past 12 months.
New Long-term Store Target
Following a careful evaluation of the market potential for
Dollarama stores across Canada and
the continued relevance of Dollarama's business model, management
believes that the Corporation can profitably grow its Canadian
store network to approximately 2,000 stores over the next 10 years,
or by 2031, with an average new store capital payback period of
approximately two years. This is an increase from Dollarama's
previously disclosed long-term store target of 1,700 stores in
Canada by 2027.
Factors taken into consideration in its evaluation, among
others, included census and household income data, the current
competitive retail landscape, the real estate landscape, rates of
per capita store penetration, historical performance of comparable
and new stores, and the current real estate pipeline.
Dollarcity Update
At its year ended December 31,
2020, Dollarcity had 264 stores with 145 locations in
Colombia, 52 in El Salvador
and 67 in Guatemala, including 24
net new stores opened in the fourth quarter. This compares to a
total of 228 stores as at December 31,
2019. Dollarcity was recognized as an essential business in
all three countries of operations at the outset of the pandemic and
all stores remained open throughout Dollarcity's fourth quarter.
Despite temporary disruptions to its new store opening plans in
2020 due to the pandemic, Dollarcity's long-term growth objective
of 600 stores by 2029 in its three current countries of operation,
and its plans to imminently enter the Peruvian market, remain
unchanged.
Normal Course Issuer Bid
The Corporation's current normal course issuer bid allows for
the repurchase for cancellation of up to 15,548,326 common shares,
representing 5.0% of the common shares issued and outstanding as at
the close of markets on June 30,
2020, during the 12-month period from July 7, 2020 to July 6,
2021.
No common shares were repurchased for cancellation under the
normal course issuer bid during the first three quarters of Fiscal
2021 as the Corporation chose to preserve liquidity due to the
uncertainty related to the COVID-19 pandemic. In the fourth quarter
of Fiscal 2021, the Corporation repurchased 1,621,708 common shares
at a weighted average price of $53.67
per common share, for a total cash consideration of $87.0 million.
As at January 31, 2021, the Corporation's adjusted
net-debt-to-EBITDA ratio was 2.68 times, a 29 basis point
improvement compared to Fiscal 2020 year-end. Barring factors
outside of its control due to COVID-19, the Corporation intends to
actively resume share repurchases under its normal course issuer
bid in Fiscal 2022 while maintaining the adjusted
net-debt-to-EBITDA ratio within the 2.75 to 3.00 times range.
Dividend
On March 31, 2021, the Corporation announced that its Board
of Directors had approved a 7.0% increase of the quarterly cash
dividend for holders of common shares, from $0.047 to $0.0503
per common share. This dividend is payable on May 7, 2021 to shareholders of record at the
close of business on April 16, 2021.
The dividend is designated as an "eligible dividend" for Canadian
tax purposes.
Outlook
Due to the continued uncertainty related to COVID-19, the
Corporation is limiting guidance for Fiscal 2022 to the
following key metrics:
|
Fiscal 2021
Actual Results
|
Fiscal 2022
Guidance
|
Net new store
openings
|
65
|
60 to 70
|
Capital
expenditures(i)
|
$167.8
million
|
$160.0 million
to $170.0 million
|
|
|
(i)
|
Includes additions to
property, plant and equipment, computer hardware and
software.
|
These guidance ranges for Fiscal 2022 are based on a number of
assumptions, including the following:
- the number of signed offers to lease and store pipeline for the
next 12 months;
- the absence of COVID-related restrictions on construction
activities in the provinces where new store openings are planned;
and
- the capital budget for Fiscal 2022 for new store openings,
maintenance capital expenditures, and transformational capital
expenditures (the latter being mainly related to information
technology projects).
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, but not limited to, risks
related to the ongoing COVID–19 pandemic, which may slow down store
openings or which may prompt the Corporation to hold off on planned
capital expenditures in order to preserve liquidity. This guidance,
including the various underlying assumptions, is 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
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 discussed in greater detail in the "Risks and
Uncertainties" section of the Corporation's annual management's
discussion and analysis for Fiscal 2021 available on SEDAR at
www.sedar.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 March 31, 2021 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 2021 fourth quarter and annual results today,
March 31, 2021 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
https://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 1,356 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 $4.00.
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$3.00 (or the equivalent in local currency) in
El Salvador and Guatemala and
up to the equivalent of US$4.00 in
local currency in Colombia through
its 264 conveniently-located stores.
www.dollarama.com
Selected Consolidated Financial Information
|
Unaudited
|
|
|
|
13-week Periods
Ended
|
|
Years
Ended
|
(dollars and
shares in thousands, except per share amounts)
|
January 31,
2021
|
|
February 2,
2020
|
|
January 31,
2021
|
|
February 2,
2020
|
|
$
|
|
$
|
|
$
|
|
$
|
|
|
|
|
|
|
|
|
Earnings
Data
|
|
|
|
|
|
|
|
Sales
|
1,103,668
|
|
1,065,201
|
|
4,026,259
|
|
3,787,291
|
Cost of
sales
|
601,204
|
|
588,739
|
|
2,261,248
|
|
2,134,933
|
Gross
profit
|
502,464
|
|
476,462
|
|
1,765,011
|
|
1,652,358
|
SG&A
|
186,053
|
|
155,683
|
|
654,032
|
|
551,699
|
Depreciation and
amortization
|
70,860
|
|
63,247
|
|
269,633
|
|
242,785
|
Share of net earnings
of equity-accounted investment
|
(10,518)
|
|
(8,556)
|
|
(19,654)
|
|
(10,263)
|
Operating
income
|
256,069
|
|
266,088
|
|
861,000
|
|
868,137
|
Financing
costs
|
22,792
|
|
25,238
|
|
95,646
|
|
100,605
|
Other
income
|
-
|
|
-
|
|
-
|
|
(2,835)
|
Earnings before
income taxes
|
233,277
|
|
240,850
|
|
765,354
|
|
770,367
|
Income
taxes
|
59,375
|
|
62,133
|
|
201,006
|
|
206,328
|
Net
earnings
|
173,902
|
|
178,717
|
|
564,348
|
|
564,039
|
|
|
|
|
|
|
|
|
Basic net earnings
per common share (4)
|
$0.56
|
|
$0.57
|
|
$1.82
|
|
$1.80
|
Diluted net earnings
per common share (4)
|
$0.56
|
|
$0.57
|
|
$1.81
|
|
$1.78
|
|
|
|
|
|
|
|
|
Weighted average
number of common shares outstanding (4) :
|
|
|
|
|
|
|
|
Basic
|
310,776
|
|
312,057
|
|
310,738
|
|
313,910
|
Diluted
|
312,289
|
|
314,750
|
|
312,455
|
|
317,185
|
|
|
|
|
|
|
|
|
Other
Data
|
|
|
|
|
|
|
|
Year-over-year sales
growth
|
3.6%
|
|
0.5%
|
|
6.3%
|
|
6.7%
|
Comparable store
sales growth (2)
|
(0.2%)
|
|
2.0%
|
|
3.2%
|
|
4.3%
|
Gross margin
(3)
|
45.5%
|
|
44.7%
|
|
43.8%
|
|
43.6%
|
SG&A as a % of
sales (3)
|
16.9%
|
|
14.6%
|
|
16.2%
|
|
14.6%
|
EBITDA
(1)
|
326,929
|
|
329,335
|
|
1,130,633
|
|
1,110,922
|
Operating margin
(3)
|
23.2%
|
|
25.0%
|
|
21.4%
|
|
22.9%
|
Capital
expenditures
|
51,735
|
|
39,813
|
|
167,837
|
|
140,622
|
Number of stores
(4)
|
1,356
|
|
1,291
|
|
1,356
|
|
1,291
|
Average store size
(gross square feet) (4)
|
10,325
|
|
10,277
|
|
10,325
|
|
10,277
|
Declared dividends
per common share
|
$0.047
|
|
$0.044
|
|
$0.179
|
|
$0.176
|
|
|
As
at
|
|
|
January 31,
2021
|
|
February
2,
2020
|
|
|
$
|
|
$
|
Statement of
Financial Position Data
|
|
|
|
|
Cash
|
|
439,144
|
|
90,464
|
Inventories
|
|
630,655
|
|
623,490
|
Total current
assets
|
|
1,100,362
|
|
764,497
|
Property, plant and
equipment
|
|
709,469
|
|
644,011
|
Right-of-use
assets
|
|
1,344,639
|
|
1,283,778
|
Total
assets
|
|
4,223,746
|
|
3,716,456
|
Total current
liabilities
|
|
1,321,165
|
|
1,092,484
|
Total non-current
liabilities
|
|
2,567,727
|
|
2,716,168
|
Total debt
(1)
|
|
1,883,051
|
|
1,883,407
|
Net debt
(1)
|
|
1,443,907
|
|
1,792,943
|
Shareholders' equity
(deficit)
|
|
334,854
|
|
(92,196)
|
|
|
|
|
|
(1)
|
In this press
release, EBITDA, EBITDA margin, total debt and net debt are
referred to as "non-GAAP measures". Non-GAAP measures are not
generally accepted measures under GAAP and do not have a
standardized meaning under GAAP. EBITDA, EBITDA margin, total debt
and net debt are reconciled below. The non-GAAP measures, as
calculated by the Corporation, may not be comparable to those of
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.
|
|
|
|
We have included
non-GAAP measures to provide investors with supplemental measures
of our operating and financial performance. We believe that
non-GAAP measures are important supplemental metrics of operating
and financial performance because they eliminate items that have
less bearing on our operating and financial performance and thus
highlight trends in our core business that may not otherwise be
apparent when relying solely on GAAP measures. We also believe that
securities analysts, investors and other interested parties
frequently use non-GAAP measures in the evaluation of issuers, many
of which present non-GAAP measures when reporting their results.
Our management also uses non-GAAP measures in order to facilitate
operating and financial performance comparisons from period to
period, to prepare annual budgets, and to assess our ability to
meet our future debt service, capital expenditure and working
capital requirements.
|
|
unaudited
|
|
|
|
13-Week Periods
Ended
|
|
Years
Ended
|
(dollars in
thousands)
|
January 31,
2021
|
|
February 2,
2020
|
|
January 31,
2021
|
|
February 2,
2020
|
|
$
|
|
$
|
|
$
|
|
$
|
A reconciliation
of operating income to EBITDA is included below:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
income
|
256,069
|
|
266,088
|
|
861,000
|
|
868,137
|
Add: Depreciation and
amortization
|
70,860
|
|
63,247
|
|
269,633
|
|
242,785
|
EBITDA
|
326,929
|
|
329,335
|
|
1,130,633
|
|
1,110,922
|
EBITDA margin
(3)
|
29.6%
|
|
30.9%
|
|
28.1%
|
|
29.3%
|
(dollars in
thousands)
|
As
at
|
A reconciliation
of long-term debt to total debt is included below:
|
January 31,
2021
|
|
February 2,
2020
|
Senior unsecured notes
bearing interest at:
|
$
|
|
$
|
Fixed annual rate of
1.505% payable in equal semi-annual instalments, maturing September
20, 2027
|
300,000
|
|
-
|
Fixed annual rate of
3.55% payable in equal semi-annual instalments, maturing November
6, 2023
|
500,000
|
|
500,000
|
Fixed annual rate of
2.203% payable in equal semi-annual instalments, maturing November
10, 2022
|
250,000
|
|
250,000
|
Fixed annual rate of
2.337% payable in equal semi-annual instalments, maturing
July 22, 2021
|
525,000
|
|
525,000
|
Variable rate equal
to 3–month bankers' acceptance rate (CDOR) plus 27 basis points
payable quarterly, repaid on February 1, 2021
|
300,000
|
|
300,000
|
Variable rate equal
to 3–month bankers' acceptance rate (CDOR) plus 59 basis points
payable quarterly, repaid on March 16, 2020
|
-
|
|
300,000
|
Unsecured revolving
credit facilities
|
-
|
|
-
|
Accrued interest on
senior unsecured notes
|
8,051
|
|
8,407
|
Total
debt
|
1,883,051
|
|
1,883,407
|
|
|
|
|
A reconciliation
of total debt to net debt is included below:
|
|
|
|
Total debt
|
1,883,051
|
|
1,883,407
|
Cash
|
(439,144)
|
|
(90,464)
|
Net
debt
|
1,443,907
|
|
1,792,943
|
|
|
(2)
|
Comparable store
sales growth is a measure of the percentage increase or decrease,
as applicable, of the sales of stores, including relocated and
expanded stores, open for at least 13 complete fiscal months
relative to the same period in the prior fiscal year. For the
first, second and fourth quarters of Fiscal 2021, comparable store
sales growth excludes stores that were then temporarily
closed.
|
(3)
|
Gross margin
represents gross profit divided by sales. SG&A as a percentage
of sales represents SG&A divided by sales. Operating margin
represents operating income divided by sales. EBITDA margin
represents EBITDA divided by sales.
|
(4)
|
At the end of the
period.
|
View original
content:http://www.prnewswire.com/news-releases/dollarama-reports-fourth-quarter-and-fiscal-year-2021-results-increases-long-term-store-target-in-canada-301259189.html
SOURCE Dollarama Inc.