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Dollarama: Larry Rossy stepping down as CEO

Dollarama: Larry Rossy stepping down as CEO

Dollarama has benefited from sustained traffic of customers during the holiday season, helping to increase the profit of the retailer 25%. The Montreal company also announced the appointment of Neil Rossy as president and CEO, replacing Larry Rossy.

The specialist in selling cheap products increased sales by 14.6% in the fourth quarter, while sales at stores open a year rose 7.9%. In total, the turnover amounted to $ 766.5 million.

The current head of marketing, Neil Rossy said Wednesday that weather conditions favored the sales and the customer reception face to the range of products has been "very favorable."

The income was $ 124.8 million or $ 1 per share, compared to $ 100,3M or $ 0.76 per share in the fourth quarter of the previous year.

Dollarama continued its expansion with the opening of 25 new stores during the quarter, which ended on 31 January.

The company pointed upward its earnings outlook for the next year, while it will benefit in particular from greater flexibility in price negotiations with its Chinese suppliers due to lower demand.

"This should also help to offset the weakness of the Canadian dollar this year," said Neil Rossy.

The Board also announced that it raised the quarterly dividend by one cent, bringing it to 10 cents per share.

Dollarama also reported that Neil Rossy will become president and CEO of the company from 1 May.

46 years old, Neil Rossy is active at Dollarama since 1992, where he held various management positions, including in the areas of distribution, storage and supply of the market.

"Neil is a leader who has proven that Dollarama knows by heart and who has contributed immensely to the company's growth," said Larry Rossy, who will continue to play a key role in the company as Executive Chairman.

"I now look forward to concentrate on my responsibilities in real estate and purchase while offering my support for Neil and the other members of the management team," he added.

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Master of Economics, University of Harvard, worked as an analyst in a few large companies and specializes in many countries. Currently owned by a large company that conducts assessment of investment attractiveness in the various countries of the world.