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Dollarama Q2 profit soars to $131.8 million

Montreal-based retail chain also reports year-over-year sales increase

Dollarama is reporting a $131.8 million profit in its second quarter, which saw an 11.5% increase in sales compared with the same time last year.

The Montreal-based retail chain says its profit amounted to $1.15 per common share of net income.

That's up 30% from 88 cents per share in last year's second quarter.

Dollarama says the higher per-share profit is mainly due to higher sales, which rose to $812.5 million, as well as higher margins and the company's share buyback program.

During the second quarter ended July 30, the company repurchased 1.3 million shares at a weighted average price of $122.86 per share.

At the end of the quarter, Dollarama had 1,125 stores that sell a wide range of merchandise at prices ranging from $1 to $4 per item.

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