Dollarama profits increase as more Canadians shop at discount stores [Video]

Montreal-based discount retailer, Dollarama, reported a growth in profit and sales in the second quarter, signalling more Canadians are looking for a deal as the cost of living remains high.

The company’s net earnings increased to $285.9 million compared to $245.8 million in the second quarter last year. The retailer says its net sales rose 7.4 per cent to $1.56 billion compared to a year ago.

Barry Choi, a personal finance expert based in Toronto, says whenever there is a “downturn in the economy” or people have “high record debt levels,” discount stores see record numbers.

“It’s not really a surprise. People tend to tighten up. And their first line of defence is typically dollar discount stores,” said Choi.

A number of shoppers CTV News spoke to outside of a Dollarama store in Calgary say it’s been difficult to make ends meet and they’ve had to be creative to stretch their dollar.

“Shopping wisely and collecting coupons, trying to make it …