Canadian discounter Dollarama is upping its store growth plans—and by a considerable number.
The chain, which operates some 1,000 stores across Canada, has revised its long-term target from 1,400 locations to 1,700.
“This provides Dollarama with several years of additional footprint growth,” stated Neil Rossy, president and CEO, Dollarama, which sells a variety of merchandise at fixed price points up to C$4.00.
The Montreal-based retailer announced the new goal after it exceeded estimates for its fourth quarter amid a 5.8% increase in same-store sales.
“Our financial and operating results for fiscal 2017 reflect the strength of our business strategy and our execution,” said Rossy. “We realized a particularly strong fourth quarter with solid comparable store sales reflecting, in part, the continued customer appeal of our product offering, with gross margin also ahead of guidance.”