(Reuters) -Canadian discount retailer Dollarama Inc said on Wednesday it would roll out additional price points up to C$5 this year, as the company looks to shield its margins from rising supply chain and raw material costs.
The Montreal-based company posted an 11% rise in fourth-quarter sales, in line with analysts’ average estimate, despite a fresh round of COVID-related restrictions hampering footfalls at its stores over the holiday season.
Canadian provinces, including the most populous Ontario, a key market for Dollarama, reimposed limits on businesses and gatherings in January as cases began surging due to the Omicron variant, fearing their healthcare systems would get swamped.
Sales rose to C$1.22 billion ($977.64 million) in the quarter ended Jan. 30 from C$1.10 billion a year earlier.
The company’s net income rose to C$220 million, or 74 Canadian cents per share, from C$173.9 million, or 56 Canadian cents per share, a year earlier.
($1 = 1.2479 Canadian dollars)
(Reporting by Deborah Sophia in Bengaluru; Editing by Krishna Chandra Eluri)
