MONTREAL - Dollarama Inc. says it has plenty of room to grow in Canada, following a strong fourth quarter and a review of the market's long-term potential.
The Montreal-based company says it has conducted a long-term review of its plans and determined the Canadian market can support up to 1,700 of its stores over the next eight to ten years -- 300 more than Dollarama's previous estimate.
Dollarama is also raising its dividend by 10 per cent to 11 cents per common share, payable May 3, following a strong end to its 2016-17 financial year.
For the quarter ended Jan. 29, sales were $854.5 million, up 11.5 per cent from last year and above analyst estimates.
Dollarama's profit was up 17 per cent from last year, with net income rising to $146.1 million.
The profit was equal to $1.24 per share, above analyst estimates of $1.11 per share, according to Thomson Reuters.
