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UPDATE 1-Canada's Dollarama beats 1st-qtr profit estimates
June 7, 2017 / 11:29 AM / 5 months ago

UPDATE 1-Canada's Dollarama beats 1st-qtr profit estimates

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June 7 (Reuters) - Canadian dollar-store operator Dollarama Inc reported a better-than-expected quarterly profit on Wednesday, as customers on average spent more at its stores.

The Montreal-based company said the average checkout bill climbed 6.1 percent in the first quarter ended April 30.

Dollarama, which raised its product price ceiling to C$4 last year, said same-store sales rose 4.6 percent.

Net income rose to C$94.7 million ($70.4 million) or 82 Canadian cents per share, from C$83.2 million or 68 Canadian cents per share, a year earlier.

Analysts on average had expected a profit of 79 Canadian cents per share, according to Thomson Reuters I/B/E/S.

Sales rose 10 percent to C$704.9 million, but missed analysts’ expectations of C$716 million. ($1 = 1.3450 Canadian dollars) (Reporting by Ahmed Farhatha in Bengaluru; Editing by Sai Sachin Ravikumar)

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