Dollarama reports Q4 profit down from year ago due to pandemic restrictions and costs

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Dollarama Inc. reported its fourth-quarter profit edged down compared with a year ago due to restrictions imposed by provincial governments and costs related to the pandemic.

The retailer says it earned $173.9 million or 56 cents per diluted share for the quarter ended Jan. 31, down from a profit of $178.7 million or 57 cents per diluted share a year earlier.

Sales in the 13-week period totalled $1.10 billion, up from nearly $1.07 billion.

Excluding temporarily closed stores, comparable store sales for the quarter fell 0.2 per cent compared with a year earlier.

In reporting its latest financial results, Dollarama also raised the number of stores it hopes to have in Canada to 2,000 by 2031, compared with its total of 1,356 stores at Jan. 31.

The new target is up from an earlier goal of 1,700 stores by 2027.

-- this report by The Canadian Press was first published March 31, 2021.

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