Dollarama Inc. reported a second-quarter profit of $321.5 million, up from $285.9 million a year earlier, as its sales rose 10.3 per cent. A shopping cart is seen in an aisle of a Dollarama store in Montreal, Wednesday, June 7, 2023. THE CANADIAN PRESS/Christinne Muschi
Dollarama Inc. reported a second-quarter profit of $321.5 million, up from $285.9 million a year earlier, as its sales rose 10.3 per cent. A shopping cart is seen in an aisle of a Dollarama store in Montreal, Wednesday, June 7, 2023. THE CANADIAN PRESS/Christinne Muschi
MONTREAL - Dollarama Inc. says it is looking to grow the Reject Shop, the Australian discount retailer it is buying, to about 700 stores by 2034.
The chain currently has just under 400 stores, selling private-label and brand-name products.
The Montreal-based company announced Wednesday an agreement to buy the Reject Shop in a deal that values the company's ordinary share capital at about $233 million.
Dollarama president and CEO Neil Rossy says the deal is a strategic acquisition that will enable the company to establish a new and complementary growth platform for the future.
He says the Australian market has parallels with the market in Canada and the retailer will work with the local management team to grow the business.
The transaction is expected to close in the second half of 2025.
This report by ºÃÉ«tvwas first published March 27, 2025.
