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Dollarama ends fiscal year with net debt of C$331.5 million, increases store count by 11.3%
By Lisa Kerner
Charlotte, N.C., April 9 - Dollarama Inc. ended its fiscal year on Feb. 2 with cash and cash equivalents of C$71.5 million and net debt of C$331.5 million.
This compares to C$52.6 million and C$211.9 million for the prior-year period ended Feb. 3, 2013, according to the company's earnings news release.
The Montreal-based dollar store operator reported its fourth-quarter and full-year results on Wednesday.
"Fourth-quarter and full-year financial results came out strong despite the adverse impact of severe weather conditions on store traffic, particularly in December, during our peak sales period," said chairman and chief executive officer Larry Rossy.
Financial highlights
Sales were up 11.1% for the year at about C$2.1 billion and up 3.6% for the fourth quarter at C$582.3 million. The increase in sales was attributed in part to an 11.3% increase in the total number of stores to 874.
Full-year EBITDA was up 13.3% to C$402.4 million. EBITDA for the quarter also increased, to C$130.7 million from C$119.1 million.
Net earnings for the quarter increased to C$83 million, or C$1.17 per diluted share, compared to C$77.1 million, or C$1.04 per diluted share, for the same period in fiscal 2013.
Increased borrowings on long-term debt in the fourth quarter resulted in a C$1.3 million increase in net financing costs to C$4 million.
On April 9, the Dollarama's board of directors approved a 14% increase of the quarterly dividend for holders of its common shares, to C$0.16 per share, from C$0.14 per share. The dividend will be paid on May 7 to shareholders as of April 29.
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