Dollarama fourth-quarter profit and sales up

In its 2019 outlook, discount chain operator says it expects to open as many as 70 stores

Dollarama Inc. raised its dividend as it reported a fourth-quarter profit of $172 million, up from $162 .8 million a year earlier.

The retailer says it will now pay a quarterly dividend of 4.4 cents per share, up from four cents.

The increased payment to shareholders came as the company said it earned 54 cents per diluted share for the quarter ended Feb. 3, compared with a profit of 48 cents per diluted share in the same quarter a year earlier.

Sales for the 13-week period totalled $1.06 billion, up from $938.1 million, while comparable store sales grew 2.6%.

Analysts on average had expected a profit of 55 cents per share and revenue of $1.07 billion, according to Thomson Reuters Eikon.

In its outlook for the coming year, Dollarama says it expects to add 60 to 70 stores.

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