Was the market guilty of feverishness, or is it afraid of a repeat of the sudden slowdown seen at comparable American Dollar General?

There's reason to think so, given Dollarama's astounding results: like-for-like sales rose by 14.4% over the first nine months of the year, sales by 18%, and operating profit by 27%.

Margins are improving, inventories are running at a brisk pace, net debt is falling, and the Group has bought back over six million shares since January - at high valuation levels, it must be said.

The only fly in the ointment, if there really was one, is that the company's ambition to open 60 to 70 new stores next year has been put on hold. Taken in recent weeks, the decision comes as a surprise and reflects a sudden change in posture.

However, management is still forecasting like-for-like sales growth of 11%-12% for 2024. In Latin America, the Dollarcity chain - in which Dollarama has held a 50% stake since 2019 - is still going strong.

Dollarama's track record of growth and operating discipline over the past decade has been nothing short of remarkable. Like its share price, earnings per share have increased sixfold over the period.

This expansion has not prevented the company from aggressively buying back its shares, with the number of outstanding shares declining by 30% in ten years. As mentioned above, these share buy-backs have always been carried out at high valuations.