07:31 AM EST, 12/04/2024 (MT Newswires) -- Dollarama ( DLMAF ) on Wednesday reported higher third-quarter profit that met the consensus forecast.

Net profit rose to $276 million, or $0.98 per share, from $261 million, or $0.92 per share, last year. The result met the consensus analyst forecast of $0.98 per share, according FactSet.

Third-quarter revenue rose 5.7% to $1.56 billion, also meeting the FactSet forecast of $1.56 billion. The increase was driven by the total number of stores increasing to 1,601 from 1,541, and higher comparable store sales.

Dollarama ( DLMAF ), which reiterated its outlook for 2025, said it expects to have 2,200 Canadian stores by 2034.

The company has also acquired land in the Calgary region for $46.7 million. The transaction is expected to close next quarter. Dollarama ( DLMAF ) will build a warehouse and second distribution center for $450 million, to service stores in Western Canada. This is expected to be commissioned by the end of 2027.

A quarterly cash dividend of $0.092 will be paid on Feb. 7.