Canadian discount retailer Dollarama posted a 24% profit hike in Q4, boosting its dividend by 30%.

The company says it earned $323.8 million for the quarter that ended on Jan. 28, up from $261.3 million a year earlier. Sales increased 11.3% to $1.6 billion, compared to $1.4 billion.

In Thursday morning’s call, Dollarama president and CEO Neil Rossy said that the company’s “impressive” financial and operational performance demonstrates “the enduring strength of our business model and that our compelling value proposition continues to resonate with consumers, including in an uncertain economic context.”

Dollarama is thriving in a high inflation environment, with comparable store sales growing 8.7% for the quarter compared with the year prior. The company says it is an “indispensable shopping destination,” thanks to compelling value and convenience.

Rossy says it’s seeing “strong consumer demand,” to its value proposition across consumables, seasonal and general merchandise.

While basket sizes are down marginally, frequency is up as consumers continue to have their eye on consumable goods. Rossy says the efforts the brand makes to bring in new goods is key, and buyers are having a better handle on sourcing new price points, adding that 25-cent increments are having a role in buying decisions.

Dollarama is reporting it opened 65 net new stores, a pace the company aims to continue to set. Its 2025 guidance is for 60-to-70 net new stores per year. Rossy says Dollarama is working toward a long-term target of 2,000 stores by 2031 in Canada.