EarningsQ2 2027 Earnings Report
MX:DOL1N Q2 2027 EPS Results
Actual EPS$16.59
Consensus EPS$16.21
Beat/MissBeat by +$0.39
One Year Ago EPS$14.92
MX:DOL1N Q2 2027 Revenue Results
Actual Revenue$26.07B
Expected Revenue$26.02B
Beat/MissBeat by +$52.01M
YoY Revenue Growth+17.57%
Earnings Announcement Details
QuarterQ2 2027
Date09/16/2026
TimeBefore Open
Conference CallWednesday, September 16, 2026
MX:DOL1N Upcoming Earnings
Dollarama's next earnings date is estimated for December 9, 2026, based on past reporting schedules.
Q2 2027 Earnings Call Audio
MX:DOL1N Q2 2027 Earnings Call
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Q2 2027 Earnings Slide Deck
Q2 2027 Earnings Call Summary
Earnings Call Sentiment|Positive
The call was broadly positive. Strong Q2 and first-half results, Canadian same-store sales and traffic momentum, raised guidance, store expansion, Dollarcity growth, progress in Australia, and shareholder returns significantly outweighed the stated challenges. Management nevertheless highlighted cautious consumers, trade and geopolitical uncertainty, higher oil and supply chain costs, Mexico ramp-up losses, and near-term Australian sales and operating losses.Company Guidance
Strong Consolidated Revenue and Earnings Growth
Consolidated sales increased 17.6% to more than $2 billion in Q2 fiscal 2027. EBITDA increased 11% to $653 million, representing a 32.2% EBITDA margin. Net earnings totaled $349.3 million, while diluted EPS increased 11.2% to $1.29 from $1.16 last year.
Canadian Same-Store Sales and Customer Traffic Momentum
Canadian same-store sales increased 5.4%, compared with 4.9% growth last year. Customer traffic increased 3.7%, following 3.5% growth in Q1, while basket growth also supported performance. Consumables and general merchandise demand remained sustained, and seasonal products were stable year over year, with summer seasonal sales in positive territory.
Raised Canadian Same-Store Sales Guidance
Based on first-half performance and the current outlook, fiscal 2027 Canadian same-store sales guidance was increased to between 4% and 4.5% from the previous range of 3% to 4%.
Expanded Canadian Store Network
Dollarama opened 15 net new stores in Canada during Q2, bringing year-to-date net new openings to 43 and the total Canadian store count to approximately 1.73 thousand stores. Fiscal 2027 net new store guidance was increased to between 65 and 75 from the previous range of 60 to 70.
Western Canada Logistics Hub Progress
Construction of the future Western Canada logistics hub progressed on plan. The hub is expected to be fully operational by the end of calendar 2027 and will enable a two-node distribution model in Canada.
Dollarcity Store Growth and Earnings Contribution
Dollarcity delivered strong same-store sales and store network growth. It opened 19 net new stores during Q2, bringing the Central and South American store count to approximately 6.76 thousand locations. Dollarama's share of Dollarcity net earnings increased 30.3% to CAD 49.9 million, including a 39.7% year-over-year increase in its 60% share of earnings from the four Central and South American markets.
Dollarcity Dividend Declared
Subsequent to quarter end, Dollarcity declared a US$125 million cash dividend, its second dividend of the fiscal year. Dollarama's share is US$75.1 million.
Mexico Expansion Remains on Plan
Dollarama opened 10 stores in Mexico during Q2, increasing the total from 11 to 21 stores by quarter end. Management said the ramp-up remains on plan, the team is building density in the Guadalajara region, and the initial Mexican customer response to the value and convenience proposition has been positive.
Australia Store Transformation Accelerated
Australia's transformation roadmap gained momentum. The business renovated 25 stores in Q2, up from 13 in Q1, and opened four net new stores after opening eight in Q1. At midyear, 60 stores were operating with the Dollarama layout and fixtures, up from 28 at the end of Q1, out of 414 locations nationally.
Australia Transformation Targets Remain on Track
Dollarama remains on track to renovate between 60 and 80 stores and open between 15 and 25 net new stores in Australia during fiscal 2027.
Australian Import Assortment Rollout Began
The first Dollarama-sourced import products reached shelves across the Australian store network during Q2. Management expects the rollout to continue, aims to transition about half of import products by fiscal year-end, and said the work will continue into fiscal 2028.
Canadian Gross Margin and Expense Guidance Maintained
Canadian gross margin was 45.7% of sales in Q2, compared with 45.6% in Q2 fiscal 2026, primarily reflecting the positive impact of scaling. Canadian SG&A was 13.8% of sales, in line with the prior year. Full-year Canadian gross margin guidance remains 45.0% to 45.5%, and SG&A guidance remains 14.1% to 14.6% of sales.
Capital Returned to Shareholders
During the quarter, Dollarama repurchased more than 1.5 million common shares for cancellation under its normal course issuer bid, for total consideration of $300.4 million. The board also approved a quarterly cash dividend of 12¢ per share.
Strong Toy Category Performance
Toys were described as an outlier category that performed much better than historically during the quarter. Other categories remained within the range observed over the last few quarters.
Value Proposition Continues to Resonate
Management said customers continued to rely on Dollarama for dependable value despite careful spending decisions, pressure on household budgets, and weak consumer confidence. The company cited its fixed price points, assortment management, convenient store locations, and consistent shopping experience as elements supporting relevance.
No Additional Price Point Currently Needed
Management said an additional price point above the current $5 maximum is not necessary based on what it is seeing today. Any higher price point would be introduced only if cost inflation reached a level where the current $5 maximum could no longer be sustainably supported.
MX:DOL1N Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed