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Dollarama boosts sales forecast as demand for essentials thrives.

(Reuters) -‌ Dollarama Raises⁤ Annual ⁤Sales Forecast After Beating Estimates

Canadians are flocking​ to Dollarama,⁣ the discount retailer, as they seek ‍affordable alternatives to essential items ​amidst rising prices. The company has raised its annual sales ⁢forecast ‌after exceeding quarterly sales expectations.

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While other retailers ⁤struggle with declining‌ sales, discount store operators like Dollarama ⁤continue ​to experience steady demand. Dollarama ‌CEO Neil Rossy‌ expects this strong demand to persist‌ throughout⁢ the year.

Similar trends can be⁣ seen ‍in the United⁢ States,⁤ where off-price retailers such as TJX and Ross Stores have also raised ⁤their forecasts due to increased demand for​ affordable ​goods.

To ⁤offset higher logistics and labor costs caused by supply chain ​disruptions in Canada, Dollarama has raised prices on some products. Currently, ‍15% of their products‌ are ‌priced above C$4.00, compared ⁢to 7% in September 2022, according to data from Stifel Canada.

The company now anticipates comparable store-sales growth of 10% to 11% ‌for‌ fiscal 2024, up ⁣from the previous estimate of ⁣5% ⁤to 6%.

In‍ the second quarter, Dollarama’s sales reached C$1.46 billion ​($1.08 billion), surpassing analysts’ average estimate‌ of ⁢C$1.40 billion. The company’s⁤ net income for the​ quarter also exceeded market expectations.

Montreal-based‍ Dollarama ‌continues to thrive as consumers prioritize affordability in their⁣ purchasing decisions.

($1 = 1.3569 Canadian⁢ dollars)

⁢(Reporting by Juveria Tabassum in Bengaluru;⁢ Editing ‍by Krishna ⁢Chandra ‍Eluri)

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