Thank you, operator. Good morning, everyone. This morning, we announced outstanding first quarter results, including a 17% increase in same-store sales and a 29% increase in diluted earnings per share to CAD 0.63. Clearly, Canadians from all walks of life are still responding positively to our compelling value proposition and affordable product mix. While we continue to experience strong demand for consumables in the context of persistent inflationary pressures, we are also seeing strength across our seasonal and general merchandise categories. I am particularly pleased with the performance of our Easter season this year, demonstrating our strong fundamentals and the fact that the full mix is continuing to drive traffic to our stores. Our entire organization is delivering on our value promise, whether that value promise comes from pricing, merchandising, or assortment breadth. With our inventory rebuild mostly behind us, I am pleased with our product offering across our price points and with our now solid in-stock and in-store inventory levels. With the goal of increasing proximity to our customers, Q1 was a particularly active quarter on the real estate front, with the opening of 21 net new stores. This reflects a concerted effort by our real estate and operations teams to front-load net new store openings this year. The strategy is to take some of the pressure off the last quarter of the year, which is always our busiest quarter. Note that the acceleration in the net new store openings in Q1 has no impact on our annual target, which remains between 60 and 70 net new stores by fiscal year-end. Among those 21 stores in Q1 was our 1,500th store in Canada, which opened in the Rockland Centre here in Montreal this past April, a milestone we were pleased to reach in our hometown and celebrate as a team. Hats off to our real estate, field, and operations teams for their disciplined execution on our long-term growth plans of reaching 2,000 stores across Canada by 2031. Today, about 85% of Canadians live within 10 kilometers of a Dollarama store, which represents no small feat, and it's something we are very proud of. The team at Dollarcity also continues to execute on their long-term growth plans in the four Latam countries where they operate. In the first quarter this year, eight net new stores were opened, bringing their total store count to 448. It's been just over two years since Dollarcity launched its first store in Peru. With 24 stores and counting in that country, we are very pleased with how this new market is performing and with the team's execution. Turning to ESG, we published our latest comprehensive annual ESG report this morning, outlining our evolving ESG strategy as well as our progress against goals. Our commitment to managing our business responsibly, we are further building our organizational ESG capacities and integrating ESG into our daily decision-making. Last year, we created an ESG function, and earlier this year, we established an ESG steering committee responsible for the advancement of our ESG strategy across the organization. We continue to move our climate strategy forward, including the introduction of our first-generation GHG intensity reduction goal for Scope one and two emissions last year. We are proud to have taken this initial step and of the progress made year -over -year. We are now further advancing our climate roadmap and alignment with TCFD by focusing our attention on identifying and tracking relevant Scope three emissions. Across our ESG pillars, our operations, our people, our products and customers, our supply chain, and our governance, we will continue to implement goals and initiatives that are meaningful and actionable, and that enable us to deliver on our value promise to our customers and our shareholders. J.P., over to you to review our Q1 financial results in more detail. Thank you, Neil. Good morning, everyone. As expected, we continued to benefit from sustained demand for affordable, everyday items during the first quarter of fiscal 2024. This translated into strong demand across our three product segments and same-store sales above 17%, as mentioned by Neil. SSS was comprised of a strong 15% increase in traffic and a 1.4% increase in average basket size. This quarter, we also maintained our industry-leading gross margin, which was 42.2% of sales, compared to 42.1% in the same quarter last year. Q1 represented the tail end of supply chain-related cost pressures on our margin, with higher logistics costs and saw continued product mix pressure offset by lower ocean freight costs. For its part, SG&A also remained relatively flat year-over-year at 15.1% of sales, compared to 15% last year. Our strong financial performance has enabled us to absorb continued wage pressures to date, with additional minimum wage increases in the pipeline and reflected in our annual guidance. While the persistent tight supply in the labor market that has impacted the entire industry remains a concern, it has not resulted in any significant disruptions to our operations. Our 50.1% share of Dollarcity's net earnings grew by 50% to CAD 13.1 million, compared to CAD 8.7 million for the same period last year, reflecting the ongoing strong financial and operational performance of Dollarcity. With an acceleration in same-store sales, along with active gross margin and SG&A management and a higher equity pickup from Dollarcity, EBITDA increased by over 22% to CAD 366 million, representing 28.3% of sales, and net earnings were CAD 180 million, or CAD 0.63 per share, representing a 29% increase year-over-year. Finally, once again, inventory remained stable sequentially this quarter at CAD 938 million as at April 30th, 2023, compared to CAD 957 million as at the end of January. In light of our Q1 performance, we are maintaining our fiscal 2024 guidance ranges published this past March. While we acknowledge that there may potentially be some upside to our same-store sales guidance, we prefer to remain conservative at this point and wait to see how the consumer laps last year's very strong Q2 SSS performance. That being said, so far in Q2, SSS cadence is generally in line with Q1's two-year stack SSS. On the capital allocation front, the board approved a quarterly dividend of CAD 0.0708 per share. While there were no buybacks in Q1, primarily due to higher CapEx, with a large number of net new stores, combined with the racking of our Laval warehouse and the forthcoming closing of our previously announced industrial property acquisition, we do intend to remain active in subsequent quarters, contingent on market conditions. As mentioned on our last call, our strategy is to maintain a balanced approach to capital allocation by continuing to invest in organic growth and returning capital to shareholders. We intend to continue to allocate our excess free cash flows towards the repurchase of shares through our NCIB. In conclusion, we continue to execute well from an operational and financial standpoint in what remains a complex environment. As always, we're focused on maintaining our value promise to our customers and maximizing long-term value for our shareholders. That concludes our formal remarks. I'll turn it over to the operator for the Q&A. Thank you. We will now take questions from the telephone lines. If you have a question and you are using a speakerphone, please lift your handset before making your selection. If you have a question, please press star one on the device's keypad. You also may cancel at any time your question by pressing Star two. Please press Star one at this time if you have a question. There will be a brief pause while the participants register. We thank you for your patience. The first question is from Irene Nattel from RBC Capital Markets. Please go ahead. Your line is open. Thanks, and good morning, everyone. Clearly, consumer demand remains extremely robust. Can you talk about I think Neil mentioned something about Easter. Can you talk about what you're seeing from a demand, from a category demand perspective, both for Q1 and Q2 to date, now that the weather has turned, although not so much this week, and also, you know, in terms of the price points, please? We're starting to get some traction, Irene, on summer, although, as you said, it's unseasonably chilly still in many parts of the country, along with other, you know, natural disasters, unfortunately, which are challenging many areas of the country, which is a challenge that none of us needed. The customer has started to move towards our summer offering. We had a good Easter, as mentioned. So there's a move, slight move away from the consumables and back a little bit towards the traditional mix. As far as price points, again, no change there. We, you know, we still have the same balanced purchasing and sourcing approach to having all the price points available for all the categories of goods. The consumer continues to partake in all of those price points with no real move in any specific price point. That, that's really helpful. Just a couple of follow-ups, please. Firstly, I seem to remember that, you know, refreshes were below normal targeted levels for the last couple of years because of some of the difficulties in China. How should we be thinking about, now that China has opened again, the offering and maybe more of the sort of the treasure hunty kind of element and the wow factor in sort of the current year and next year? We're seeing a slight increase in, you know, creativity and production, both overseas and domestically. It's still a slow, progressive curve. There's nothing extreme happening on that front. We're optimistic that the next year or two should help, you know, bring things back to normal, on that side. For the moment, it's a slight increase, not a huge increase. Thank you very much. Just finally, on the whole same-store sales guidance. If we actually, if we take Q1 as a whole, Q1, and we sort of don't change the overall guidance for the year, it implies same-store sales in the 1% to, I think, 2.25%, 2.5% range in subsequent quarters. With what J.P. just said about Q2 to date, same-store sales were probably running, you know, say, 10%, 11%. How should we be thinking about all of that? Irene, the way to think about this is similar to last year. We prefer to be thoughtful about our guidance. We'll likely, if all things remain equal, provide an update to the street in September. We wanna see how the next few months unfold. As you mentioned, Q2 to date, we're seeing the same trends as what we've seen in Q1. It's just to be thoughtful about our guidance. Understood. Thank you very much. Thanks. Thank you. The next question is from Chris Li from Desjardins. Please go ahead. Your line is open. Oh, hey, good morning, everyone. Maybe start off with a question on private label. I know penetration is already very high, I think, close to around 70%, but just curious to see if you see room in certain categories for further increase in private label penetration, especially in this environment. I don't think any category will increase in private label, honestly. I think we'll continue to focus on putting our best foot forward from an art and branding perspective, continued focus on ESG, reducing packaging where it makes sense, or converting packaging to something that's more recyclable, more, you know, user-friendly. An actual penetration of private label, I don't see any change. Okay, that's helpful. Then maybe a question on, you know, how we should think about unit volume growth. you know, average basket was up 1.4%, but traffic was up very high at 15%. Does it mean the customers are effectively frequenting your stores a lot more, but perhaps buying less each time, such that your overall unit volume is still growing? There is a mix of patterns. Of course, I mean, the key element is what we saw during COVID was basket consolidation, so we had fewer trips and bigger basket. We're expecting the basket to deconsolidate and have traffic increase. What effectively happened, and is happening, is we're seeing traction on traffic size while the basket size is slightly increasing, so we're happy with the outcome on both fronts. Okay, that's great. My last question is maybe on shrink. I know some of the U.S. dollar peers have called out shrink as having a bit of an outsized impact on the margin. Just curious to see how is shrink impacting your business these days. Thank you. Well, shrink has been increasing for the past two quarters, and, it's embedded in our guidance. Okay, great. Thanks, and all the best. Thanks, Chris. Thank you. The next question is from Tamy Chen, from BMO Capital Markets. Please go ahead. Your line is open. Thanks. Good morning. Neil and J.P., I just wanna go back again to your comp on the traffic side. It's just so strong, especially lapping last year's quarter, which was already strong. We know at a high level there's the consumer trade-down. That's the big factor. I'm just wondering, can you talk a little bit more about where exactly this really continued strength is coming from, whether it's immigration or is it just continued elevated level of capturing new customers? Yeah, I think it's broad-based. When you look at our category performance, we're seeing those trends, as Neil mentioned, across our categories. There's nothing overly specific to point out. I just think, and we believe it's our value proposition and our strategy just playing out. Nothing that's overly newsworthy in terms of specific elements. I just think it's, broadly speaking, a general performance on many fronts. Okay, got it. I'm just curious, you know, inflation is starting to decelerate in Canada here, albeit very slowly, but it is starting to decelerate. Though it sounds like, at least so far in fiscal Q2, where your comp is trending, that at the margin, you're not really seeing bit of a change in traffic trends or other consumer behaviors in your stores, that it's still quite strong and that the trade-down is still continuing. Would you say that's fair to say, or at the margin, are you seeing a little bit of change because this high inflationary environment is starting to ease a little bit? Well, you have to consider many factors despite the inflationary environment. There's wage growth, there's the interest rate environment, so there's many economic factors over and above just inflation to consider when you look at consumer behavior. What we've experienced so far is all those factors at play, and we can't just isolate one factor and drive conclusions from that factor. Your statement is right from Q2 to date perspective. Okay, got it. Thank you. Thank you. Thank you. The next question is from George Doumet from Scotiabank. Please go ahead, your line is open. Good morning, J.P. and Neil. Thanks for taking my questions. J.P., can you help us dissect the gross margin performance in the quarter, you know, the extent of the negative mix impacts and maybe the lower product and freight costs? Maybe how should we think of the cadence of the improvement as the year goes on? In Q1, we had the benefit of lower container costs, so what we call ocean freight costs. That was offset by a higher logistics cost. When we talk about logistics costs, we're thinking about our Canadian supply chain, and there was some mix impact. When you put it all together, it drove flat-ish gross margin year-over-year. When we think about the rest of the year, and we think about our guidance, the assumptions are that the lower container costs will continue. In terms of mix, it will depend on consumer demand, and it's gonna be tightly related to our SSS performance. That one is harder to assess at this point, but usually from a GM dollar and an EBITDA perspective, it's, it's a net positive. Okay. Thanks for that. Neil, can you maybe help us think about maybe the second half of the year in terms of the consumable volumes? To what extent maybe do you expect them to grow? Consumables have been kind of steadily growing since 2010, I guess, in good and bad times. If you were looking at the business five years out, can this category be a 50%, 55%? Any color you can provide there. I would love to provide you with color because it would mean that I'm much smarter than I actually am. Unfortunately, I haven't got a clue what's gonna happen in the future, but I can tell you that, it's, you know, it's pretty stable the last, you know, month or so, and we're hoping it continues, you know, in that direction. Okay, thanks. Last one for me on Dollarcity, the contribution margin came in a little bit higher than expectations. Can you maybe talk a little bit about the margins of that business, how they performed year-over-year, any color maybe that you can help us understand what drove that delta? There's a bunch of puts and takes because you're looking at the net income margin. We will not go into details of the Dollarcity margin profile. I'd say that overall, when you think about Dollarcity and its performance, a lot of the trends that we're seeing in Canada would be applicable to our Dollarcity business. Okay, great. Thanks, guys. Great quarter. Thank you. Thank you. The next question is from Brian Morrison, from TD Securities. Please go ahead. Your line is open. Okay, thanks very much. Good morning, J.P. Good morning, Neil. I appreciate your store count, the front-end loading comment, Neil. Last time you did this, though, you opened 89 stores. I just wonder, I know store openings are planned some time ago, but was the thought here to take possession of some planned openings early, just due to the strong traffic levels? Should we now think the high end of your range is more reasonable? Maybe, J.P., you could provide us the planned openings by quarter for the rest of the year. It really has more to do with wanting to do this for many years. You know, quite honestly, our team is just in a better position, stronger, more well-aligned with our, with the real estate landlord market, and capable of executing on something we've wanted to do for a decade, which is to front load at the beginning of the year. This is the first time we've achieved that goal because it's very challenging. Every year, it's our goal, and every year, you know, things happen, so to speak, that they call us and say, "Oh, we can't deliver this," or, "We can't deliver that." Our goal, as of two years ago, was really to put the team's efforts towards getting to this spot. I'm super proud of the team and their ability to line up the timing of these things to be in a schedule that's much easier for our team to execute and much less stress on our ops team during the fourth quarter, which is always extremely challenging. I'm also happy to say that the pipeline seems to be lined up nicely to be able to execute, you know, the same concept going forward. It really doesn't have anything to do with a change in number. It has to do with a change in timing. J.P.? On the quarterly front, of course, it means that usually in the past, you would see our Q4 being the lion's share of our store openings. We're front-loading some of that growth, so we're going to relieve some pressure from our Q4, Q3 and Q4 store opening numbers. The exact quarterly sequencing, it depends on many factors, but we're still very comfortable with our guidance. Okay. Neil, what is the key change that enabled you to open these stores early this year? Truthfully, I would tell you it's partially the real estate landscape, and mostly our team is just better than it's ever been before and more aligned with the, with the people they deal with. It's really a very challenging thing, particularly, of course, during the three years of COVID. Even before COVID, I would tell you before COVID, it was a work in progress, getting the team where we wanted to be, and it had more to do with the team just having a hard time getting alignment, and then COVID made it difficult for everybody. Now I would say, you know, it's more normal course from a real estate landscape perspective, and our team is better than they've ever been. Thank you. Can we talk about the shift to consumables here for a sec? I know there are many categories within this segment, whether it be papers, plastic, confectionery, food, drinks. Is the growth really across the entire consumable board, or when you dive down, is it particularly food that stands out? No, it's really across all of it. It is if it was food, we would tell you, but no, it's across all of it. You know, the concept of consumable is extremely subjective. You know, is it cleaning? Is it batteries? What is it? Where does it end? Where does it start? Since, you know, there's not a hard definition of that accepted across the planet, within the subset of what we call consumable, it's pretty much across the board. Okay, I guess last question, if I can. Just more directly to Irene's question. I'm just trying to understand the potential conservatism that you mentioned in your comment earlier. If Q2 remains constant to current levels, is the expectation of negative H2 same-store sales growth, is that potentially reasonable in your view? Sorry, Brian, I missed the first part of your question. I'm just saying, I want to understand the degree of conservatism, J.P. It looks like you're going to have negative same-store sales growth based on your same-store sales growth guidance to date. I'm wondering if that's potentially reasonable in your view, just based on your comment that there's a degree of conservatism in here. Yeah, as I mentioned, we'll see how the next few months unfold. Far in Q2, the trends that we've seen in Q1, are remaining stable and in line. Stay tuned for our guidance update, if there's any in our Q2 results. Thank you both for your comments. Thank you. Thank you. The next question is from Vishal Shreedhar from National Bank. Please go ahead. Your line is open. Hi, thanks for taking my questions. You know, it's been addressed several times on the call about the possible upward pressure on same-store sales guidance. Wondering if similar comments would apply to gross margin rate, just given we're seeing a bit of a Neil mentioned a bit of slowdown in consumables, continued strength in seasonal, you know, possibly favorable operating leverage, and all these factors seem to conspire favorably on gross margin. Hoping to get some perspective there. Hi, Vishal, it's J.P. We're very comfortable with our gross margin guidance range. Okay, moving on to the buyback. I know you've talked about it off the top, and I may have missed it, but I think you said you're looking to renew that buyback activity. What was the decision behind pausing the buyback? I think last quarter, management stated it was looking to run leverage a little bit lower than the threshold levels. Are you happy with where your leverage is right now? What levels should an investor look for Dollarama to target throughout this fiscal year? In terms of the buyback, it was mostly a cash preservation strategy because we have, as you know, the upcoming land acquisition, combined with higher CapEx from net new stores, and in addition, we're racking our Laval warehouse. There's many cash outflows. That's the main reason. Combined with the fact that in Q1, we only have one month of buyback window compared to two months in the other quarters. Our intent is to remain active on our buyback, and if the market allows, deploy that capital in the second, third, and fourth quarter of this year. Our cash balance should, all else being equal, revert back to more normalized historical levels. In terms of the leverage, as we mentioned in our last conference call, the way we think about our buyback strategy is more about using our excess free cash flows to buy back our shares, rather than targeting a specific leverage, just given the cost of debt compared to the accretion numbers. That's how we think about it. Okay. Last quarter, you can correct me if I'm wrong, but I recall you saying: We're looking to run leverage levels a little bit lower, in part due to economic uncertainty. Does that thinking still prevail? If so, what leverage should we? I know you just gave me some caveats there, but is there any level, appropriate level, lower that you would consider as responsible, given your concerns about the backdrop? Well, I mean, our objective is to maintain a balanced capital allocation strategy. The way to think about it is really, we will be using our excess free cash flows to buy back our shares. The leverage will be a function of that and our EBITDA growth. Okay, maybe just one last question here regarding the, you know, the transaction growth continues and you know, augmenting the strong basket as well. Just wondering, in that transaction growth, is that predominantly your existing customers shopping more with Dollarama, or is it you're gaining new customers? Is there any skew one way or another that you would call out? Honestly, it's a great question because J.P. is looking at me, and I'm looking at J.P., and neither of us has the answer to it. The truth is, it's coming from our existing, it's coming from some trade down, no doubt. Our goal and job is to ensure that wherever it's coming from, it stays and continues to grow. Truthfully, to, you know, to get exactly where it's coming from is almost irrelevant, because even if it was from trade down, and we knew it was from trade down, the same job exists, which is keeping them. We're focused on keeping who we have and getting more customers to come and experience the Dollarama shop, and that's what we remain focused on. Thank you, team Dollarama. Thank you. The next question is from Karen Short, from Credit Suisse. Please go ahead. Your line is open. Hey, thanks very much, and good to talk to you. A couple questions. With respect to shrink, I guess I'm curious why that's not becoming a bigger issue. Obviously, a lot of retailers have talked about that and, you know, given significant dollar amounts on shrink impact. Then, with respect to just rule of thumb, I mean, no one knows if we will, and Canadian, you know, Canadian inflation, deflation will be deflationary later in the year. To the extent that there may be the risk and potential for deflation, what would be the rule of thumb on comp,% comp decline as it relates to EBIT decline? I don't know if there's any numbers that you can put on that. Yeah. In terms of inflation, deflation, and linking that to our comp and then our profitability, I mean, it's a very subjective equation, because if you look at our historical growth, we've seen phases of deflation, inflation, stagflation, and we've had a range of usually very good SSS and profitability performance. It's hard to make that linkage. On your other question, which was around shrink, when we think about shrink, it's an important line item for us. Keep in mind that usually, we have smaller square footage in our stores than some of our other competitors that you may be thinking about. We also have cameras installed in a lot of our stores. It's an important line in our P&L, as I mentioned earlier. It's a line that has been growing. It's embedded in our guidance. We're not surprised by anything because we saw that trend coming back in Q3 and Q4. We baked it in our guidance numbers. Okay, sorry, just one more question. With respect to labor and wages, are you embedding within your guidance, labor wage increases, or are you embedding that you're stable and you're where you actually need to be? We're embedding in our guidance, and I think we discussed it in, back in March, but we're embedding the current wage growth of the Canadian labor market to the best of our knowledge. That's baked in our guidance as well. Okay. Thank you. Thanks, Karen. Thank you. The next question is from Martin Landry, from Stifel GMP. Please go ahead. Your line is open. Hi, good morning, guys. you know, you are clearly gaining market share, against other retailers, with your customer traffic, up mid-teens. As you mentioned earlier, customers are trading down with you. I was wondering, what exactly do you do to ensure that you keep these trade-down customers, and have those new customers return back to Dollarama? Well, firstly, we make sure that the shopping experience is, I guess, meets all of their expectations with regards to value, number 1, the, you know, the cleanliness and efficiency of the shop itself, making sure that the assortment is, you know, interesting and something that brings them back, trying to cash them out in an efficient way that doesn't cause any disruption. Overall, we want them leaving, thinking that the experience as a whole was, you know, great, and that the value was great. Lastly, that when they get home. ... completely satisfied with the goods that they've bought, and that our quality and our packaging and all the things we've put, you know, the hours we pour into trying to make sure that you're satisfied when you actually use the product, is the case. It's really a combination of thousands of things that, you know, that hopefully bring that person back. You know, high level, those are the most important points. Are you able to track, or are you tracking new customers returning? No, we do not track new customers returning. Okay. Then, I'm wondering, how does the retail environment looks like? Are you seeing, you know, increased promotional activity? Are you seeing some of your competitors reacting to your success? Just trying to see a little bit what's going on out there, that, 'cause given that you're a price follower, trying to see, you know, if there's promotional activity that you may have to react to. Our approach from day one has always been the day in, day out, lowest price in the market. We don't react to promotional activity, we never have. When somebody's promoting, often their price is better than ours. You know, not usually by a lot, but by some, we don't go chasing that price. We're not changing our price. If they're gonna beat us on something that they've decided to have as a loss leader or to take, you know, terrible margins on, that's their business' decision. We're in the everyday lowest price, low price business. If you come in our stores at back to school, you're probably gonna pay more for, you know, the 100 pack of loose leaf, of ruled white paper than you will, you know, walking into another retailer that's giving it away at that time of the year. For the other 11 and a half months of the year, we're cheaper, you know. That's the approach we've always taken, and I think our customers understand that and have come to decide, you know, that for the most part, they like that approach. Okay, that's helpful. Thank you. Thank you. Thank you. There are no further questions registered at this time. The conference call has now ended. Please disconnect your lines at this time, and we thank you for your participation.