- Diluted earnings per share up 32.1% to $0.74 for fourth quarter; up 20.4% to
$2.18 for Fiscal 2022
- EBITDA(1) up 20.4% to $393.7
million for fourth quarter; up 13.4% to $1,282.6 million for Fiscal 2022
- 18,176,760 common shares were repurchased for cancellation for
$1,059.9 million, representing 6% of
total shares outstanding
- Quarterly dividend increase of 10% to $0.0553 per common share
MONTREAL, QC, March 30, 2022 /CNW Telbec/ - Dollarama Inc.
(TSX: DOL) ("Dollarama" or the "Corporation") today reported its
financial results for the fourth quarter and fiscal year ended
January 30, 2022.
Fiscal 2022 Fourth Quarter Results Highlights Compared to
Fiscal 2021 Fourth Quarter Results
- Sales increased by 11.0% to $1,224.9
million
- Comparable store sales(1) grew 5.7%
- Gross margin(1) was 45.2% of sales, compared to
45.5% of sales
- EBITDA(1) increased by 20.4% to $393.7 million, or 32.1% of sales, compared to
29.6% of sales
- Operating income increased by 23.3% to $315.7 million, or 25.8% of sales, compared to
23.2% of sales
- Incremental direct costs related to COVID-19
measures(1) totalled $4.4
million, compared to $23.8
million
- Diluted net earnings per share increased by 32.1% to
$0.74, compared to $0.56
- 24 net new stores were opened, compared to 23 net new
stores
- 5,090,587 common shares were repurchased for cancellation for
$318.5 million
Fiscal 2022 Results Highlights Compared to Fiscal 2021
Results
- Sales increased by 7.6% to $4,330.8
million
- Comparable store sales(1) grew 1.7%
- Gross margin(1) was 43.9% of sales, compared to
43.8% of sales
- EBITDA(1) increased by 13.4% to $1,282.6 million, or 29.6% of sales, compared to
28.1% of sales
- Operating income increased by 14.4% to $984.6 million, or 22.7% of sales, compared to
21.4% of sales
- Incremental direct costs related to COVID-19
measures(1) totalled $35.5
million, compared to $84.0
million, of which $2.9 million
relates to cost of sales and $81.1
million to SG&A
- Diluted net earnings per share increased by 20.4% to
$2.18, compared to $1.81
- 65 net new stores were opened, same as prior year, bringing
total store count to 1,421
- 18,176,760 common shares were repurchased for cancellation for
$1,059.9 million
"Dollarama delivered strong operational and financial results in
Fiscal 2022, including EPS growth of 20%, all this while navigating
the ebb and flow of the pandemic's impacts on retailers and
consumer shopping patterns and in the context of supply chain and
inflationary pressures. This remarkable performance speaks to the
resilience of our business model and the relevance of our value
promise to Canadian consumers, a promise we are committed to
fulfilling in what remains a complex and volatile environment as we
enter Fiscal 2023," said Neil Rossy,
President and CEO.
(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.
|
Explanatory Notes
All comparative figures that follow are for the fourth quarter
and fiscal year ended January 30,
2022, compared to the fourth quarter and fiscal year ended
January 31, 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"). 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 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 2021" are to the Corporation's fiscal year ended
January 31, 2021, and to
"Fiscal 2022" are to the Corporation's fiscal year ended
January 30, 2022.
Fiscal 2022 Fourth Quarter Financial Results
Sales for the fourth quarter of Fiscal 2022 increased by 11.0%
to $1,224.9 million, compared to
$1,103.7 million for the fourth
quarter of Fiscal 2021. This increase was driven by growth in the
total number of stores over the past 12 months (from 1,356 stores
on January 31, 2021, to 1,421 stores
on January 30, 2022) and in
comparable store sales.
Comparable store sales for the fourth quarter of Fiscal 2022
increased by 5.7%, compared to the fourth quarter of
Fiscal 2021, reflecting a 10.1% increase in the number of
transactions and a 4.0% decrease in average transaction size. This
increase in comparable store sales reflects sales of our full
product assortment across all provinces during the quarter and
strong seasonal product sales, whereas in the same period last year
there was a temporary ban on the sale of non-essential items in
Quebec, where the Corporation has
approximately 30% of its stores, from December 26, 2020, to
February 8, 2021. Overall sales and comparable store sales for
the fourth quarter of Fiscal 2022 were dampened by the impact
of the Omicron variant on consumer shopping patterns and by a wave
of COVID-related provincial restrictions over critical sales weeks
leading up to the holidays and carrying into the month of
January.
Gross margin was 45.2% of sales in the fourth quarter of Fiscal
2022, compared to 45.5% of sales in the fourth quarter of Fiscal
2021. Gross margin as a percentage of sales is slightly lower due
to a change in sales mix.
General, administrative and store operating expenses
("SG&A") for the fourth quarter of Fiscal 2022 decreased by
4.4% to $178.0 million, compared to
$186.1 million for the fourth quarter
of Fiscal 2021, reflecting lower COVID-related costs, partially
offset by the costs associated with operating a larger number of
stores, compared to the same period last year. SG&A represented
14.5% of sales, compared to 16.9% of sales for the fourth quarter
of Fiscal 2021. SG&A as a percentage of sales in the fourth
quarter of Fiscal 2022 also benefited from the positive scaling
impact of strong sales.
Incremental direct costs related to COVID-19 measures for the
fourth quarter of Fiscal 2022 totalled $4.4 million, representing a 40 basis-point
impact, compared to $23.8 million
recorded in SG&A in the same period last year, representing a
220 basis-point impact.
The Corporation's 50.1% share of Dollarcity's net earnings for
the period from October 1, 2021, to
December 31, 2021, was $18.4
million, compared to $10.5
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 increased by $0.4
million, from $22.8 million
for the fourth quarter of Fiscal 2021 to $23.2 million for the fourth quarter of
Fiscal 2022, mainly due to slightly higher average
borrowings.
Net earnings were $220.0 million,
or $0.74 per diluted common share, in
the fourth quarter of Fiscal 2022, compared to $173.9 million, or $0.56 per diluted common share, in the fourth
quarter of Fiscal 2021. Net earnings improved due to higher
sales, lower SG&A and a higher equity pick-up from Dollarcity's
net earnings. These were partially offset by a slightly lower gross
margin.
Fiscal 2022 Financial Results
Sales in Fiscal 2022 increased by 7.6% to $4,330.8 million, compared to $4,026.3 million in Fiscal 2021. This increase
was driven by growth in the total number of stores over the past 12
months and in comparable store sales.
Comparable store sales grew 1.7% in Fiscal 2022, over and above
3.2% growth in Fiscal 2021. Comparable store sales growth for
Fiscal 2022 consisted of a 3.8% increase in the number of
transactions and a 2.0% decrease in average transaction size.
Overall sales and comparable store sales were impacted throughout
Fiscal 2022 by the implementation and subsequent lifting of
measures by provincial governments in response to different waves
of COVID-19. Fiscal 2022 comparable store sales were particularly
impacted by the ban on the sale of non-essential items in
Ontario, from April 8, 2021, to June 11,
2021, which coincided with a peak seasonal sales period and
where approximately 40% of the Corporation's stores are
located.
Gross margin was 43.9% of sales in Fiscal 2022, compared to
43.8% of sales in Fiscal 2021.
SG&A for Fiscal 2022 totalled $652.8
million, a 0.2% decrease from $654.0
million for Fiscal 2021. SG&A for Fiscal 2022
represented 15.1% of sales, compared to 16.2% of sales for Fiscal
2021. This decrease primarily reflects lower COVID-related costs of
$35.5 million, representing 80 basis
points, compared to $81.1 million, or
200 basis points, in Fiscal 2021.
The Corporation's 50.1% share of Dollarcity's net earnings for
the period from January 1, 2021, to
December 31, 2021, was $33.2
million. This is compared to $19.7
million for the period from January
1, 2020, to December 31, 2020, recorded in Fiscal 2021.
The Corporation's investment in Dollarcity is accounted for as a
joint arrangement using the equity method.
Financing costs decreased by $4.4
million, from $95.6 million
for Fiscal 2021 to $91.2 million for
Fiscal 2022, due to lower borrowings and a lower average
borrowing rate.
Net earnings totalled $663.2
million, or $2.18 per diluted
common share, for Fiscal 2022, compared to $564.3 million, or $1.81 per diluted common share, for Fiscal 2021.
Net earnings for Fiscal 2022 reflect higher sales, lower
SG&A due to lower COVID-related costs, higher equity pick-up
from Dollarcity's net earnings and lower financing 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.
Dollarcity Store Growth
During its fourth quarter ended December
31, 2021, Dollarcity opened 38 net new stores, compared to
24 net new stores in the same period last year. For the year ended
December 31, 2021, Dollarcity opened
a total of 86 net new stores, compared to 36 in 2020. As at
December 31, 2021, Dollarcity had a
total of 350 stores, with 206 locations in Colombia, 76 in Guatemala, 59 in El Salvador and nine in
Peru. This compares to a total of
264 stores as at December 31,
2020.
Normal Course Issuer Bid
During the fourth quarter of Fiscal 2022, 5,090,587 common
shares were repurchased for cancellation, for a total cash
consideration of $318.5 million, at a
weighted average price of $62.56 per
share, under the Corporation's normal course issuer bid. The total
number of common shares repurchased for cancellation during
Fiscal 2022 amounted to 18,176,760 common shares, at a
weighted average price of $58.31 per
share, for a total cash consideration of $1,059.9 million. As at January 30,
2022, the Corporation's adjusted net debt to EBITDA ratio was 2.77
times.
Dividend
On March 30, 2022, the Corporation
announced that its Board of Directors had approved a 10% increase
of the quarterly cash dividend for holders of common shares, from
$0.0503 to $0.0553 per common share. This dividend is
payable on May 6, 2022 to
shareholders of record at the close of business on April 15, 2022. The dividend is designated as an
"eligible dividend" for Canadian tax purposes.
Introduction of Additional Price Points
Throughout the course of Fiscal 2023, the Corporation will
gradually roll out additional price points up to $5.00, consistent with its multi-price point
strategy in place since 2009. Over time, this will enable the
Corporation to maintain and enhance its broad product assortment
and compelling value.
New Warehouse
In Fiscal 2022, Dollarama entered into a long-term lease
for a seventh warehouse, located in Laval, Quebec, to increase its warehousing
capacity in support of its long-term target of 2,000 stores in
Canada by 2031. The new 500,000
square foot built-to-suit facility is currently under construction
and is expected to be operational by the end of
Fiscal 2023.
Outlook
In what is expected to remain a complex environment, Dollarama
is well-positioned to pursue its profitable growth and to deliver
on its purpose. The Corporation is committed to providing Canadians
from all walks of life with compelling value on every dollar they
spend, and with proximity and convenient access to a broad range of
affordable, everyday items.
In the first half of Fiscal 2023, the Corporation expects to
benefit from a favourable sales environment compared to the same
period last year, at which time various COVID-19 restrictions
impacting retailers and consumer shopping patterns were in place.
Supply chain and other inflationary pressures are expected to be
felt more in Fiscal 2023. The Corporation has levers at its
disposal to mitigate some of the cost pressures on its gross
margin. SG&A, excluding any incremental COVID-related costs, is
expected to benefit from positive scaling and improved labour
productivity. The Corporation will maintain its balanced approach
to capital allocation in support of organic growth as well as for
maintenance and transformational initiatives. It will also continue
to return capital and generate value for shareholders, prioritizing
the repurchase of shares under its normal course issuer bid.
Based on the above, 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 in the range of 4.0% to 5.0%
- 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 12 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
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
discussed in greater detail in the "Risks and Uncertainties"
section of the Corporation's annual management's discussion and
analysis for Fiscal 2022 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
30, 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 2022 fourth quarter and annual results today,
March 30, 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 1,421 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$4.00 (or the equivalent in local currency) in
350 conveniently located stores in El
Salvador, Guatemala,
Colombia and Peru.
Selected Consolidated Financial Information
|
|
|
|
|
Unaudited
|
|
|
|
13-week Periods
Ended
|
|
Years
Ended
|
(dollars and shares
in thousands, except per share amounts)
|
January 30,
2022
|
|
January 31,
2021
|
|
January 30,
2022
|
|
January 31,
2021
|
|
$
|
|
$
|
|
$
|
|
$
|
|
|
|
|
|
|
|
|
Earnings
Data
|
|
|
|
|
|
|
|
Sales
|
1,224,900
|
|
1,103,668
|
|
4,330,761
|
|
4,026,259
|
Cost of
sales
|
671,562
|
|
601,204
|
|
2,428,536
|
|
2,261,248
|
Gross profit
|
553,338
|
|
502,464
|
|
1,902,225
|
|
1,765,011
|
SG&A
|
177,991
|
|
186,053
|
|
652,832
|
|
654,032
|
Depreciation and
amortization
|
77,998
|
|
70,860
|
|
297,960
|
|
269,633
|
Share of net earnings
of equity-accounted
|
|
|
|
|
|
|
|
investment
|
(18,370)
|
|
(10,518)
|
|
(33,184)
|
|
(19,654)
|
Operating
income
|
315,719
|
|
256,069
|
|
984,617
|
|
861,000
|
Financing
costs
|
23,160
|
|
22,792
|
|
91,216
|
|
95,646
|
Earnings before income
taxes
|
292,559
|
|
233,277
|
|
893,401
|
|
765,354
|
Income taxes
|
72,593
|
|
59,375
|
|
230,232
|
|
201,006
|
Net earnings
|
219,966
|
|
173,902
|
|
663,169
|
|
564,348
|
|
|
|
|
|
|
|
|
Basic net earnings per
common share
|
$0.74
|
|
$0.56
|
|
$2.19
|
|
$1.82
|
Diluted net earnings
per common share
|
$0.74
|
|
$0.56
|
|
$2.18
|
|
$1.81
|
|
|
|
|
|
|
|
|
Weighted average number
of common shares
|
|
|
|
|
|
|
|
outstanding
:
|
|
|
|
|
|
|
|
Basic
|
296,535
|
|
310,776
|
|
302,963
|
|
310,738
|
Diluted
|
298,015
|
|
312,289
|
|
304,416
|
|
312,455
|
|
|
|
|
|
|
|
|
Other
Data
|
|
|
|
|
|
|
|
Year-over-year sales
growth
|
11.0%
|
|
3.6%
|
|
7.6%
|
|
6.3%
|
Comparable store sales
growth (1)
|
5.7%
|
|
(0.2%)
|
|
1.7%
|
|
3.2%
|
Gross margin
(1)
|
45.2%
|
|
45.5%
|
|
43.9%
|
|
43.8%
|
SG&A as a % of
sales (1)
|
14.5%
|
|
16.9%
|
|
15.1%
|
|
16.2%
|
EBITDA
(1)
|
393,717
|
|
326,929
|
|
1,282,577
|
|
1,130,633
|
Operating margin
(1)
|
25.8%
|
|
23.2%
|
|
22.7%
|
|
21.4%
|
Capital
expenditures
|
49,233
|
|
51,735
|
|
159,512
|
|
167,837
|
Number of stores
(2)
|
1,421
|
|
1,356
|
|
1,421
|
|
1,356
|
Average store size
(gross square feet) (2)
|
10,381
|
|
10,325
|
|
10,381
|
|
10,325
|
Declared dividends per
common share
|
$0.0503
|
|
$0.047
|
|
$0.2012
|
|
$0.179
|
|
|
|
As at
|
|
January 30,
2022
|
|
January 31,
2021
|
|
$
|
|
$
|
Statement of
Financial Position Data
|
|
|
|
Cash
|
71,058
|
|
439,144
|
Inventories
|
590,927
|
|
630,655
|
Total current
assets
|
717,367
|
|
1,100,362
|
Property, plant and
equipment
|
761,876
|
|
709,469
|
Right-of-use
assets
|
1,480,255
|
|
1,344,639
|
Total assets
|
4,063,562
|
|
4,223,746
|
Total current
liabilities
|
911,891
|
|
1,321,165
|
Total non-current
liabilities
|
3,217,705
|
|
2,567,727
|
Total debt
(1)
|
1,894,309
|
|
1,883,051
|
Net debt
(1)
|
1,823,251
|
|
1,443,907
|
Shareholders' equity
(deficit)
|
(66,034)
|
|
334,854
|
|
|
(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.
National Instrument 52-112, Non-GAAP and Other Financial
Measures, applies to documents filed by reporting issuers for a
fiscal year ending on or after October 15, 2021. It sets out
disclosure requirements for (A) non‑GAAP financial measures,
(B) non-GAAP ratios, and (C) other financial
measures.
(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.
|
|
|
|
|
|
|
|
|
Unaudited
|
|
|
|
13‑Week Periods
Ended
|
|
Years
Ended
|
(dollars in
thousands)
|
January 30,
2022
|
|
January 31,
2021
|
|
January 30,
2022
|
|
January 31,
2021
|
|
$
|
|
$
|
|
$
|
|
$
|
A reconciliation of
operating income to
|
|
|
|
|
|
|
|
EBITDA is included
below:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
income
|
315,719
|
|
256,069
|
|
984,617
|
|
861,000
|
Add: Depreciation and
amortization
|
77,998
|
|
70,860
|
|
297,960
|
|
269,633
|
EBITDA
|
393,717
|
|
326,929
|
|
1,282,577
|
|
1,130,633
|
Total debt
Total debt represents the sum of long-term debt (including
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:
|
January 30,
2022
|
|
January 31,
2021
|
Senior unsecured notes
bearing interest at:
|
$
|
|
$
|
Fixed annual rate of
2.443% payable in equal semi-annual instalments,
|
|
|
|
maturing July 9,
2029
|
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
|
|
-
|
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, repaid
on
|
|
|
|
July 22,
2021
|
-
|
|
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
|
Accrued interest on
Fixed Rate Notes and Floating Rate Notes
|
7,850
|
|
8,051
|
Fair value hedge -
basis adjustment on interest rate swap
|
(2,927)
|
|
-
|
Total long-term
debt
|
1,804,923
|
|
1,883,051
|
USCP Notes issued under
US commercial paper program
|
89,386
|
|
-
|
Total
debt
|
1,894,309
|
|
1,883,051
|
Net debt
Net debt represents total debt minus cash.
|
|
(dollars in
thousands)
|
As at
|
|
January 30,
2022
|
|
January 31,
2021
|
|
$
|
|
$
|
A reconciliation of
total debt to net debt is included below:
|
|
|
|
|
|
|
|
Total debt
|
1,894,309
|
|
1,883,051
|
Cash
|
(71,058)
|
|
(439,144)
|
Net
debt
|
1,823,251
|
|
1,443,907
|
(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
|
|
January 30,
2022
|
|
January 31,
2021
|
|
$
|
|
$
|
A calculation of
adjusted net debt to EBITDA ratio is included below:
|
|
|
|
|
|
|
|
Net debt
|
1,823,251
|
|
1,443,907
|
Lease
liabilities
|
1,727,428
|
|
1,583,662
|
Adjusted net
debt
|
3,550,679
|
|
3,027,569
|
|
|
|
|
EBITDA for the last
twelve-month period
|
1,282,577
|
|
1,130,633
|
Adjusted net debt to
EBITDA ratio
|
2.77x
|
|
2.68x
|
|
|
|
|
EBITDA margin
EBITDA margin represents EBITDA divided by sales.
|
|
|
|
|
|
|
|
|
Unaudited
|
|
|
|
13-Week Periods
Ended
|
|
Years
Ended
|
(dollars in
thousands)
|
January 30,
2022
|
|
January 31,
2021
|
|
January 30,
2022
|
|
January 31,
2021
|
|
$
|
|
$
|
|
$
|
|
$
|
A reconciliation of
EBITDA to EBITDA margin is included below:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA
|
393,717
|
|
326,929
|
|
1,282,577
|
|
1,130,633
|
Sales
|
1,224,900
|
|
1,103,668
|
|
4,330,761
|
|
4,026,259
|
EBITDA
margin
|
32.1%
|
|
29.6%
|
|
29.6%
|
|
28.1%
|
(C) Supplementary Financial Measures
Gross
margin
|
Represents gross profit
divided by sales.
|
|
|
Operating
margin
|
Represents operating
income 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, second and fourth quarters 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-fourth-quarter-and-fiscal-year-2022-results-301513483.html
SOURCE Dollarama Inc.