Canadian dollar store operator Dollarama Inc. (DOL.TO) posted higher first-quarter net earnings of C$45.6 million, or C$0.62 per share, compared with C$42.6 million, or C$0.56 per share, a year before, reflecting strong sales growth and solid comparable-store sales growth despite difficult weather conditions. On average, 10 analysts polled by Thomson Reuters expected earnings per share of C$0.67 for the quarter. Analysts' estimates typically exclude one-time items.
Quarterly sales reached C$448.1 million, up 12.6% from the prior year's C$398.0 million, driven by the growth in the number of stores over the past twelve months from 721 stores on April 29, 2012 to 806 stores on May 5, 2013, and continued organic sales growth driven by comparable store sales growth of 3.7% in the first quarter of fiscal 2014, over and above comparable store sales growth of 8.1% in the previous year. Analysts estimated revenues of C$449.31 million for the quarter.
Additionally, the Corporation said it has received approval from the Toronto Stock Exchange or "TSX" respecting the renewal of its normal course issuer bid to purchase for cancellation up to 3.36 million of its shares, or 5% of the public float of 67.29 million common shares as at May 31, 2013. As at the same date, there were 73.16 million shares issued and outstanding.
The repurchase program, commencing on June 17, 2013 and ending no later than June 16, 2014, would be conducted via. the facilities of the TSX or alternative trading systems, if eligible, and would conform to their regulations.
The average daily trading volume of the common shares over the period between December 1, 2012 and May 31, 2013, as calculated under the TSX rules, was 267,484 common shares. As a result, Dollarama would be allowed to purchase daily a maximum of 66,871 shares representing 25% of such average daily trading volume, according to TSX rules.
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