Dollarama raises full-year same-store sales forecast after beating estimates
Recasts first paragraph, adds same-store sales
June 13 (Reuters) - Canada's Dollarama Inc DOL.TO beat quarterly same-store sales estimates and raised its full-year comparable sales forecast on Thursday as the discount store operator attracted more shoppers.
The Montreal-based company has been keeping price hikes to a minimum as it tries to fend off rivals such as Walmart Inc's WMT.N Canada unit and Dollar Tree DLTR.O.
Dollarama raised its full-year same-store sales growth forecast to a range of 3%-4%, from a previous forecast of 2.5%-3.5%.
The company reported a 5.8% increase in same-store sales in the first quarter ended May 5, beating analysts' average estimates of 2.9%, according to IBES data from Refinitiv, helped by a jump in number of transactions and units per basket.
Dollarama's net income rose to C$103.5 million ($77.8 million), or 33 Canadian cents per share, in the first quarter ended May 5, from C$101.5 million, or 31 Canadian cents, a year earlier.
Analysts on average had expected the company to post a profit of 34 Canadian cents per share.
Total sales rose 9.5% to C$828 million.
($1 = 1.33 Canadian dollars)
(Reporting by Debroop Roy in Bengaluru; Editing by Sriraj Kalluvila)
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.