Reuters: Global Markets: Dollarama results disappoint, shares drop 4.5 percent

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Dollarama results disappoint, shares drop 4.5 percent Jun 12th 2013, 14:23 TORONTO | Wed Jun 12, 2013 10:23am EDT TORONTO (Reuters) - Dollarama Inc (DOL.TO) reported weaker-than-expected first-quarter results on Wednesday, hurt by poor weather and the cost of opening new stores, leading to a 4.5-percent drop in its share price in morning trading. The Montreal-based dollar store operator said net income for the period ended May 5 was C$45.6 million ($44.76 million), or 62 Canadian cents a share, compared with C$42.6 million, or 56 Canadian cents a share, during the same period a year ago. That was below the 67 Canadian cents a share analysts had expected, on revenue of C$449.5 million, according to Thomson Reuters I/B/E/S. Shares fell 4.5 percent to C$69.35 on the Toronto Stock Exchange, and the stock was one of the biggest drags on the S&P/TSX composite index .GSPTSE. Overall sales grew by 12.6 percent to C$448.1 million. Same-store sales, or comparable sales at stores open for at least 13 months, grew 3.7 percent. BMO Nesbitt Burns said in a research note this was also below expectations. The company reported a 0.9 percent decline in traffic, which management blamed on bad weather. (Reporting by Solarina Ho; Editing by Jeffrey Hodgson and Bernadette Baum) Link this Share this Digg this Email Reprints

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