Dollarama 2Q Gains Lifted by Dollarcity Growth, Latin American Expansion
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0807 ET - Dollarama's Latin American joint venture, Dollarcity, remains a primary international growth driver. The Canadian discount retailer posted a 30% increase in second-quarter sales in the region, bringing its share of Dollarcity's net earnings to C$49.9 million from C$38.3 million a year earlier. Growth was driven by same-store-sales gains and store network expansion, with Dollarcity continuing its strategy of retail-space expansion in the region. It added 29 new locations for a total of 781 in Latin America, including 21 in Mexico where it looks to expand its presence. It also benefited from a cash dividend of $75.1 million from its 60.1% ownership in Central American Retail Sourcing, Dollarcity's operating entity, which funded its share of Mexico's buildout.
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