Dollarama reports 25 pct rise in profit, names Neil Rossy CEO

Wed Mar 30, 2016 7:55am EDT
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March 30 (Reuters) - Canadian discount retailer Dollarama Inc reported a 25 percent jump in quarterly net profit as comparable store sales rose nearly 8 percent.

The company also said Chief Merchandising Officer Neil Rossy would succeed founder-Chief Executive Larry Rossy, who will continue as executive chairman.

Neil Rossy will be appointed CEO from May 1.

Dollarama increased its quarterly cash dividend to 10 Canadian cents per common share from 9 Canadian cents.

Net income rose to C$124.8 million, or C$1 per share, in the fourth quarter ended Jan. 31, from C$100.3 million, or 76 Canadian cents per share, a year earlier.

Sales rose to C$766.5 million from C$669.1 million. (Reporting by Arathy S Nair in Bengaluru; Editing by Don Sebastian)