Dollarama recorded another strong quarter as inflationary pressures continue to drive consumer demand for consumable products at the discount retailer.
The Montreal-based retailer raised its comparable-store sales growth guidance Wednesday as it reported that its third-quarter profit and sales were up compared with a year ago.
The company cited current economic conditions as a significant factor in the demand from new customers as food prices have increased faster than overall price growth figures through much of the year, peaking with 11.4 per cent increase in August. As Dollarama, traditionally known for prices between $1.25 and $2.50, continues to stock additional items up to $5, Rossy said the rollout has gone as planned and the company has yet to receive negative feedback regarding the higher prices.
The chief executive said the company will continue"fighting the fight" in regard to purchasing and managing the cost, especially that of domestically purchased goods. "We expect a busy Q4 on the real estate front and remain on track to reach our full-year target of 60 to 70 net new stores," said Rossy.
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