Dollarama Posts Rise In Q2 Profit

Canadian company Dollarama

reported a 15% gain in its second-quarter profit. Dollarama's quarterly net income surged to C$68.9 million ($62.6 million), or C$1.03 per share, versus a year-ago profit of C$59.8 million, or 82 Canadian cents per share. Analysts were expecting earnings of C$1.03 per share. Its revenue surged 12% to C$572.6 million from C$511.32 million, versus analysts' estimates of C$578.86 million. During the quarter, Dollarama opened 18 net new stores, versus 22 net new stores opened during the year-earlier period. Chairman and CEO Larry Rossy said, "With the opening of 43 net new stores so far in Fiscal 2015, we are on target to expand our store network across Canada by 70 to 80 net new stores this year." Its operating margin rose 80 basis points to 17.3% versus 16.5%. Dollarama's board approved a quarterly dividend of C$0.16 per common share and also approved a two-for-one share split.