- Sales growth of 18.2%, including a 13.2% increase in comparable
store sales growth(1)
- 25.8% growth in EBITDA(1) and 37.5% growth in
diluted net earnings per common share
- Fiscal 2023 comparable store sales growth assumption increased
to a range of 6.5% to 7.5%
MONTREAL, Sept. 9,
2022 /PRNewswire/ - Dollarama Inc. (TSX: DOL)
("Dollarama" or the "Corporation") today reported its financial
results for the second quarter ended July
31, 2022.
Fiscal 2023 Second Quarter Highlights
Compared to Fiscal 2022 Second Quarter Results
- Sales increased by 18.2% to $1,217.1
million
- Comparable store sales(1) increased by 13.2%
- EBITDA increased by 25.8% to $369.4
million, or 30.4% of sales, compared to 28.5% of sales
- Operating income increased by 30.3% to $287.4 million, or 23.6% of sales, compared to
21.4% of sales
- Diluted net earnings per common share increased by 37.5% to
$0.66 from $0.48
- 13 net new stores opened, compared to 13 net new stores
- 3,690,894 common shares repurchased for cancellation for
$274.9 million
"Our strong performance in the first half of Fiscal 2023
reflects a sustained consumer response to our unique value
proposition, especially for everyday essentials, as Canadians from
all walks of life adapt to a high-inflation environment. As a
result, we are increasing our assumption for annual comparable
store sales growth to between 6.5% and 7.5%," said Neil Rossy,
President and CEO.
"As we strive to provide Canadians with a wide variety of
merchandise, I am pleased with our progress rebuilding our
inventory, thereby ensuring that our conveniently located stores
are well-stocked for our customers ahead of key seasons in the
second half of the fiscal year," Mr. Rossy added.
Explanatory Notes
|
All comparative figures
that follow are for the second quarter ended July 31, 2022,
compared to the second quarter ended August 1, 2021. 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"). For a full explanation of the
Corporation's use of non-GAAP and other financial measures, please
refer to the section entitled "Selected Consolidated Financial
Information" of this press release, under the heading "Non-GAAP and
Other Financial Measures". All references to "Fiscal 2022" are
to the Corporation's fiscal year ended January 30, 2022, and to
"Fiscal 2023" are to the Corporation's fiscal year ending
January 29, 2023.
|
|
|
|
(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.
|
Fiscal 2023 Second Quarter Financial
Results
Sales for the second quarter of Fiscal 2023 increased by
18.2% to $1,217.1 million,
compared to $1,029.3 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 1,381 stores
on August 1, 2021, to 1,444 stores on
July 31, 2022) and in comparable
store sales.
Comparable store sales for the second quarter of Fiscal 2023
increased by 13.2% consisting of a 20.2% increase in the number of
transactions and a 5.8% decrease in average transaction size. The
increase in comparable store sales is primarily attributable to
higher sales of consumables, as well as seasonal products.
Comparable store sales in the corresponding period of the prior
fiscal year declined 5.1%, primarily as a result of the ban on the
sale of non-essential goods in Ontario in place for the first 5.5 weeks of
the quarter, where approximately 40% of the Corporation's stores
are located.
EBITDA totalled $369.4 million, or
30.4% of sales, for the second quarter of Fiscal 2023, compared to
$293.7 million, or 28.5% of
sales, in the second quarter of Fiscal 2022.
Gross margin(1) was 43.6% of sales in the second
quarter of Fiscal 2023, compared to 43.4% of sales in the second
quarter of Fiscal 2022. Gross margin was slightly higher due to
lower logistics costs, partially offset by a change in the sales
mix with stronger sales of consumables, and higher freight
costs.
General, administrative and store operating expenses
("SG&A") for the second quarter of Fiscal 2023 increased by
only 7.1% to $168.3 million, compared
to $157.1 million for the second
quarter of Fiscal 2022. SG&A represented 13.8% of sales for the
second quarter of Fiscal 2023, compared to 15.3% of sales for the
second quarter of Fiscal 2022. This improvement is primarily
attributed to the fact that incremental direct costs related to
COVID-19 measures for the second quarter of Fiscal 2023 were nil,
compared to $11.7 million,
representing a 115 basis-point impact, in the same period last
year.
The Corporation's 50.1% share of Dollarcity's net earnings for
the period from April 1, 2022 to June
30, 2022 was $7.7 million,
compared to $4.1 million for the same
period last year, reflecting a strong financial and operational
performance by Dollarcity. The Corporation's investment in
Dollarcity is accounted for as a joint arrangement using the equity
method.
Financing costs increased by $3.8
million, from $22.9 million
for the second quarter of Fiscal 2022 to $26.7 million for the second quarter of
Fiscal 2023. The increase is mainly due to higher average debt
levels and a slightly higher average borrowing rate.
Net earnings were $193.5 million,
or $0.66 per diluted common share, in
the second quarter of Fiscal 2023, compared to $146.2 million, or $0.48 per diluted common share, in the second
quarter of Fiscal 2022.
Inventory increased to $823.4
million as at July 31, 2022
from $586.3 million on August 1, 2021. The year-over-year increase is
primarily attributable to higher in-transit inventory as the
Corporation rebuilds its inventory to pre-pandemic levels and
reflecting the purchasing of fall and winter seasonal goods earlier
than historically in the context of global supply chain
disruptions.
Dollarcity Store Growth
During its second quarter ended June 30,
2022, Dollarcity opened 19 net new stores, compared to
15 net new stores in the same period last year. As at June 30, 2022, Dollarcity had 377 stores with 222
locations in Colombia, 80 in
Guatemala, 61 in El Salvador
and 14 in Peru. This compares to
350 stores as at December 31, 2021.
Normal Course Issuer Bid
On July 5, 2022, the Corporation
announced the renewal of its normal course issuer bid and the
approval from the Toronto Stock Exchange to repurchase for
cancellation up to 18,713,765 common shares, representing 7.5% of
the public float as at the close of markets on
June 30, 2022, during the 12‑month period from
July 7, 2022 to July 6, 2023 (the "2022-2023 NCIB").
During the second quarter of Fiscal 2023, 3,690,894 common
shares were repurchased for cancellation under the 2022-2023 NCIB
and the normal course issuer bid previously in effect, for a total
cash consideration of $274.9 million,
at a weighted average price of $74.48
per share. As at July 31, 2022, the Corporation's adjusted net
debt to EBITDA(1) ratio was 2.79 times.
Dividend
On September 9, 2022, the
Corporation announced that its Board of Directors approved a
quarterly cash dividend for holders of common shares of
$0.0553 per common share. This
dividend is payable on November 4, 2022 to shareholders of
record at the close of business on October
7, 2022. The dividend is designated as an "eligible
dividend" for Canadian tax purposes.
Outlook
In the second half of Fiscal 2023, the Corporation expects to
continue to benefit from strong demand for its affordable,
everyday items at compelling value in the context of inflation,
including stronger demand than historically for lower-margin
consumable products. In this context, the Corporation has increased
its comparable store sales growth assumption for Fiscal 2023 from a
range of 4.0% to 5.0% to the range of 6.5% to 7.5%. The
Corporation's financial annual guidance ranges for Fiscal 2023
issued on March 30, 2022, as well as
all other previously disclosed assumptions on which these ranges
are based, remain unchanged.
As previously disclosed, the Corporation expects the following
for Fiscal 2023:
- To open 60 to 70 net new stores
- Gross margin as a percentage of sales to be in the range of
42.9% to 43.9%
- SG&A as a percentage of sales to be in the range of 13.8%
to 14.3%
- To deploy $160 million to
$170 million in capital
expenditures
- To actively repurchase shares under its normal course issuer
bid
These guidance ranges are based on several assumptions,
including the following:
- The absence of COVID-related restrictions impacting retailers
and consumer shopping patterns
- Comparable store sales growth for Fiscal 2023 increased from a
range of 4.0% to 5.0% to the range of 6.5% to 7.5%
- The gradual introduction of additional price points up to
$5.00 throughout Fiscal 2023
- Minimal to nil incremental direct costs related to COVID-19
health and safety measures in stores in Fiscal 2023
- The absence of a significant shift in economic and geopolitical
conditions or material changes in the retail competitive
environment
- 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 number of signed offers to lease and store pipeline for the
next 6 months and the absence of COVID-related impacts on
construction activities in the provinces where new store openings
are planned
- The inclusion of the Corporation's share of net earnings of its
equity-accounted investment
- Positive customer response to our product offering, value
proposition and in-store merchandising
- 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
- Ongoing cost monitoring
- The capital budget for Fiscal 2023 for new store openings,
maintenance capital expenditures, and transformational capital
expenditures (the latter being mainly related to information
technology projects)
- The successful execution of our business strategy
- The absence of unusually adverse weather, especially in peak
seasons around major holidays and celebrations
(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.
|
|
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. 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 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 second
quarter of Fiscal 2023 and discussed in greater detail in the
"Risks and Uncertainties" section of the Corporation's annual
management's discussion and analysis for Fiscal 2022, both
available on SEDAR at www.sedar.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 September 9, 2022 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 2023 second quarter results today,
September 9, 2022 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 1,444 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
377 conveniently located stores in El
Salvador, Guatemala,
Colombia and Peru.
Selected Consolidated Financial Information
|
|
13-Week Periods
Ended
|
|
26-Week Periods
Ended
|
(dollars and shares
in thousands, except per
share amounts)
|
|
July
31,
2022
|
|
August
1,
2021
|
|
July
31,
2022
|
|
August
1,
2021
|
|
|
$
|
|
$
|
|
$
|
|
$
|
Earnings
Data
|
|
|
|
|
|
|
|
|
Sales
|
|
1,217,060
|
|
1,029,348
|
|
2,289,944
|
|
1,983,594
|
Cost of
sales
|
|
687,028
|
|
582,688
|
|
1,308,020
|
|
1,133,494
|
Gross profit
|
|
530,032
|
|
446,660
|
|
981,924
|
|
850,100
|
SG&A
|
|
168,324
|
|
157,093
|
|
328,949
|
|
315,765
|
Depreciation and
amortization
|
|
81,979
|
|
73,185
|
|
161,951
|
|
144,587
|
Share of net earnings
of equity-accounted
investment
|
|
(7,680)
|
|
(4,100)
|
|
(16,417)
|
|
(7,503)
|
Operating
income
|
|
287,409
|
|
220,482
|
|
507,441
|
|
397,251
|
Financing
costs
|
|
26,668
|
|
22,856
|
|
51,023
|
|
45,002
|
Earnings before income
taxes
|
|
260,741
|
|
197,626
|
|
456,418
|
|
352,249
|
Income taxes
|
|
67,262
|
|
51,398
|
|
117,437
|
|
92,447
|
Net earnings
|
|
193,479
|
|
146,228
|
|
338,981
|
|
259,802
|
|
|
|
|
|
|
|
|
|
Basic net earnings per
common share
|
|
$0.67
|
|
$0.48
|
|
$1.16
|
|
$0.85
|
Diluted net earnings
per common share
|
|
$0.66
|
|
$0.48
|
|
$1.16
|
|
$0.84
|
|
|
|
|
|
|
|
|
|
Weighted average number
of common shares
outstanding:
|
|
|
|
|
|
|
|
|
Basic
|
|
290,482
|
|
304,779
|
|
291,602
|
|
307,090
|
Diluted
|
|
292,173
|
|
306,242
|
|
293,329
|
|
308,533
|
|
|
|
|
|
|
|
|
|
Other
Data
|
|
|
|
|
|
|
|
|
Year-over-year sales
growth
|
|
18.2 %
|
|
1.6 %
|
|
15.4 %
|
|
6.7 %
|
Comparable store sales
growth (1)
|
|
13.2 %
|
|
(5.1 %)
|
|
10.3 %
|
|
(0.1 %)
|
Gross margin
(1)
|
|
43.6 %
|
|
43.4 %
|
|
42.9 %
|
|
42.9 %
|
SG&A as a % of
sales (1)
|
|
13.8 %
|
|
15.3 %
|
|
14.4 %
|
|
15.9 %
|
Incremental direct
costs related to COVID-19 (1)
|
|
-
|
|
11,708
|
|
1,591
|
|
30,002
|
EBITDA
(1)
|
|
369,388
|
|
293,667
|
|
669,392
|
|
541,838
|
Operating margin
(1)
|
|
23.6 %
|
|
21.4 %
|
|
22.2 %
|
|
20.0 %
|
Capital
expenditures
|
|
37,079
|
|
44,681
|
|
68,422
|
|
75,051
|
Number of stores
(2)
|
|
1,444
|
|
1,381
|
|
1,444
|
|
1,381
|
|
|
|
|
|
|
|
|
|
Average store size
(gross square feet) (2)
|
|
10,414
|
|
10,330
|
|
10,414
|
|
10,330
|
Declared dividends per
common share
|
|
$0.0553
|
|
$0.0503
|
|
$0.1106
|
|
$0.1006
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As at
|
|
|
|
July 31,
2022
|
|
January
30,
2022
|
|
|
|
$
|
|
$
|
|
Statement of
Financial Position Data
|
|
|
|
|
|
Cash
|
|
70,865
|
|
71,058
|
|
Inventories
|
|
823,432
|
|
590,927
|
|
Total current
assets
|
|
951,366
|
|
717,367
|
|
Property, plant and
equipment
|
|
774,731
|
|
761,876
|
|
Right-of-use
assets
|
|
1,549,724
|
|
1,480,255
|
|
Total assets
|
|
4,400,800
|
|
4,063,562
|
|
Total current
liabilities
|
|
1,249,592
|
|
911,891
|
|
Total non-current
liabilities
|
|
3,274,087
|
|
3,217,705
|
|
Total debt
(1)
|
|
2,190,744
|
|
1,886,300
|
|
Net debt
(1)
|
|
2,119,879
|
|
1,815,242
|
|
Shareholders'
deficit
|
|
(122,879)
|
|
(66,034)
|
|
|
|
|
|
|
(1)
|
Refer to the section
below entitled "Non-GAAP and Other Financial Measures" for the
definition of these items and, when applicable, their
reconciliation with the most directly comparable GAAP
measure.
|
(2)
|
At the end of the
period.
|
|
|
Non-GAAP and Other Financial
Measures
The Corporation prepares its financial information in accordance
with GAAP. We have included non-GAAP and other financial measures
to provide investors with supplemental measures of our operating
and financial performance. We believe that those 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 and other financial measures in the evaluation of issuers.
Our management also uses non-GAAP and other financial 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.
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.
|
|
13-Week Periods
Ended
|
|
26-Week Periods
Ended
|
(dollars in
thousands)
|
|
July 31,
2022
|
|
August 1,
2021
|
|
July 31,
2022
|
|
August 1,
2021
|
|
|
$
|
|
$
|
|
$
|
|
$
|
A reconciliation of
operating income to EBITDA is included below:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
income
|
|
287,409
|
|
220,482
|
|
507,441
|
|
397,251
|
Add: Depreciation and
amortization
|
|
81,979
|
|
73,185
|
|
161,951
|
|
144,587
|
EBITDA
|
|
369,388
|
|
293,667
|
|
669,392
|
|
541,838
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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).
(dollars in
thousands)
|
As at
|
A reconciliation of
long-term debt to total debt is included below:
|
July 31,
2022
|
|
January
30,
2022
|
Senior unsecured notes
bearing interest at:
|
$
|
|
$
|
Fixed annual rate of
2.443% payable in equal semi-annual instalments,
maturing July
9, 2029
|
375,000
|
|
375,000
|
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
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
|
|
|
|
|
Unamortized debt issue
costs, including $2,133 (January
30, 2022 – $1,632) for the credit facility
|
(7,564)
|
|
(8,009)
|
Accrued interest on
senior unsecured notes
|
8,456
|
|
7,850
|
Fair value hedge –
basis adjustment on interest rate swap
|
(6,706)
|
|
(2,927)
|
Total long-term
debt
|
1,794,186
|
|
1,796,914
|
USCP Notes issued
under US commercial paper program
|
396,558
|
|
89,386
|
Total
debt
|
2,190,744
|
|
1,886,300
|
Net debt
Net debt represents total debt minus cash.
(dollars in
thousands)
|
|
As at
|
|
|
July 31,
2022
|
|
January 30,
2022
|
|
|
$
|
|
$
|
A reconciliation of
total debt to net debt is included below:
|
|
|
|
|
Total debt
|
|
2,190,744
|
|
1,886,300
|
Cash
|
|
(70,865)
|
|
(71,058)
|
Net
debt
|
|
2,119,879
|
|
1,815,242
|
|
|
|
|
|
(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.
(dollars in
thousands)
|
|
As at
|
|
|
July 31,
2022
|
|
January 30,
2022
|
|
|
$
|
|
$
|
A calculation of
adjusted net debt to EBITDA ratio is included below:
|
|
|
|
|
Net debt
|
|
2,119,879
|
|
1,815,242
|
Lease
liabilities
|
|
1,801,671
|
|
1,727,428
|
Unamortized debt issue
costs
|
|
7,564
|
|
8,009
|
Fair value hedge -
basis adjustment on interest rate swap
|
|
6,706
|
|
2,927
|
Adjusted net
debt
|
|
3,935,820
|
|
3,553,606
|
|
|
|
|
|
EBITDA for the last
twelve-month period
|
|
1,410,131
|
|
1,282,577
|
Adjusted net debt to
EBITDA ratio
|
|
2.79x
|
|
2.77x
|
|
|
|
|
|
EBITDA margin
EBITDA margin represents EBITDA divided by sales.
|
|
13-Week Periods
Ended
|
|
26-Week Periods
Ended
|
|
(dollars in
thousands)
|
|
July 31,
2022
|
|
August 1,
2021
|
|
July 31,
2022
|
|
August 1,
2021
|
|
|
|
$
|
|
$
|
|
$
|
|
$
|
|
|
|
|
A reconciliation
of EBITDA to EBITDA margin is included below:
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA
|
|
369,388
|
|
293,667
|
|
669,392
|
|
541,838
|
|
Sales
|
|
1,217,060
|
|
1,029,348
|
|
2,289,944
|
|
1,983,594
|
|
EBITDA
margin
|
|
30.4 %
|
|
28.5 %
|
|
29.2 %
|
|
27.3 %
|
|
(C) Supplementary Financial Measures
Gross
margin
|
Represents gross profit
divided by sales.
|
Operating
margin
|
Represents operating
income divided by sales.
|
SG&A as a % of
sales
|
Represents SG&A
divided by sales.
|
Comparable store
sales
|
Represent 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. For the
first and second quarter of Fiscal 2022, the calculation of
comparable store sales growth excludes stores that were temporarily
closed, either in Fiscal 2022 or in the same period in the
prior fiscal year, in the context of the COVID-19
pandemic.
|
Incremental direct
costs related to COVID-19
|
Represents costs
incurred for the implementation and execution of health and safety
measures in stores and in logistic operations in response to the
pandemic, including costs associated with additional labor hours
for the execution of sanitization and crowd control protocols and
with the procurement of personal protection equipment for employees
and cleaning supplies and equipment.
|
View original
content:https://www.prnewswire.com/news-releases/dollarama-reports-fiscal-2023-second-quarter-results-301620976.html
SOURCE Dollarama Inc.