Dollarama Inc. is closely monitoring prices in its stores as it looks to boost foot traffic and generate growth in an increasingly competitive retail environment.
The company is boosting its lower-priced items to generate that traffic after putting too much emphasis on higher priced items up to $4, said CEO Neil Rossy on a conference call Thursday.
The company is also constantly assessing prices on merchandise, with item prices assessed at least every three weeks during restocking, said Rossy."We have to refocus on traffic generating and unit sales, because at the end of the day, in bricks and mortar, that's the bread and butter." "In our view, the next few quarters are likely to represent a "show-me-story" to many investors and as a result we are comfortable moving to the sidelines for the time being, as we await a more positive pricing environment and same-store sales acceleration."
The increased payment to shareholders came as the company said it earned 54 cents per diluted share for the quarter ended Feb. 3, compared with a profit of 48 cents per diluted share in the same quarter a year earlier. In its outlook for the coming year, Dollarama says it expects to add 60 to 70 new stores as part of its goal of having 1,700 stores by 2027.
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