Business
Dollarama reports strong sales and earnings growth to close fiscal year 2010
Dollarama reports strong sales and earnings growth to close fiscal year 2010
About this update from Dollarama Inc.
[{"type":"text","content":"\n\n\n\nMONTREAL, Apr. 8, 2010 (Canada NewsWire Group) -- /CNW Telbec/ -- Dollarama Inc. (\"Dollarama\" or the \"Corporation\") (TSX: DOL) reported significant increases in sales and net earnings today for the quarter and fiscal year periods ended January 31, 2010.Financial and Operating Highlights(All comparative figures below and in the \"Financial Results\" section that follows, are for the 13-week and 52-week periods ended January 31, 2010 compared to the 13-week and 52-week periods ended February 1, 2009. Throughout this news release, the term \"Normalized\" has been used to refer to financial results that have been adjusted to exclude certain non-recurring items and charges related to the Corporation's initial public offering (\"IPO\") in October 2009. For a full explanation of the Corporation's use of the Non-GAAP measures, please refer to Note 1 of the Selected Consolidated Financial Information section of this news release.)- Sales increased 15.4% in the fourth quarter and 15.1% in the fiscalyear- Comparable store sales grew 9.3% in the fourth quarter and 7.9% in thefiscal year- Gross margin increased to 35.3% of sales in the fiscal year from 33.5%of sales- Normalized EBITDA(1) for the fiscal year grew 25.2% to $191.9 millionfrom $153.3 million- Diluted net earnings per share for the fourth quarter increased to$0.45 from $0.15- Diluted Normalized net earnings(1) per share increased to $1.81 in thefiscal year from a Normalized net loss(1) of $(0.32)- Net debt(4) declined to $424.3 million as of January 31, 2010\"We are extremely pleased with our strong fourth quarter results and the performance of the business in our first year of offering merchandise at select price points over one dollar,\" said Larry Rossy, chief executive officer of Dollarama \"Consumers continue to discover great values in our new assortment, and we are equally as excited to continue to expand our offering in this area. It is a strategy that has created significant value for our shareholders. I would like to commend our entire team for its efforts over the past year to ensure a seamless transition to our multiple price-point strategy and for enhancing the shopping experience of our loyal customers.\"Financial ResultsSales for the 13-week period ended January 31, 2010 increased 15.4% to $364.1 million from $315.5 million in the corresponding period i...