Dollarama Inc.'s food aisles may have expanded far beyond sweet treats or piles of gum by the checkout counter in recent years, but its chief executive maintains his company is 'not in the grocery business,' even if it's keeping an eye on the sector.
Dollarama Inc. reported a second-quarter profit of $285.9 million, up from $245.8 million in the same quarter last year as its sales rose 7.4 per cent.A person cycles past a Dollarama store in Montreal, Wednesday, June 7, 2023. THE CANADIAN PRESS/Christinne MuschiDollarama Inc.
Over the last decade and as consumers have more recently sought deals, Dollarama's food merchandise has expanded to include bread and pantry staples like cereal, rice and pasta sold at prices on par or below supermarkets. Though Rossy brushed off notions that his company is a supermarket challenger, grocers aren't off his radar.
"What makes Dollarama Dollarama is a very wide assortment of different departments that somewhat represent the old five-and-dime local convenience store," he said. The period the quarter covers includes the start of summer, when Rossy said the weather was "terrible." To cope, many Canadians have spent more time seeking deals, trading down to more affordable brands and forgoing small luxuries they would treat themselves to in better economic times.
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