Ms. Erica Fattore reports

PESORAMA REPORTS Q1 2024 FINANCIAL RESULTS

Pesorama Inc. today released its financial results for the first quarter ended April 30, 2023 (Q1 2023). All financial figures are in Canadian dollars unless otherwise noted.

"As the only true dollar store company in Mexico, we are constantly innovating and pushing the boundaries of what is possible," said Erica Fattore, president and chief executive officer of Pesorama. "Creating a new market space requires strategic thinking, operational excellence and execution, which is reflected in this quarter's results. During Q1 2023, we saw a significant increase in-store traffic of 46 per cent, and our average ticket grew by 14.2 per cent over Q1 2022. We attribute this to the success of our unique merchandising strategies, product assortment and overall customer experience. Our JOi Dollar Plus stores are increasing in popularity as we continue to expand our footprint and raise the bar in our market. We believe we have the winning strategy and we are meeting the needs of the cost-conscious shopper in an underserved market that will ultimately drive long-term value for our shareholders. We have big ambitions and will continue to think outside the box to set ourselves apart."

Key financial highlights: Q1 2024 versus Q1 2023

• Multiprice points continue to lead to increased product assortment and increased growth of new product categories across all departments.
• Store profits increased by 123 per cent to $118,342 for the three months ended April 30, 2023, an increase of $630,953 from the three months ended April 30, 2022.
• Total sales increased by 98 per cent to $4,446,781 due to organic growth of previously opened stores as well as sales from new stores which opened in April, 2022, May, 2022, and December, 2022.
• Gross profits increased by $944,063 to $1,305,685, primarily driven by an increase in revenue of 98 per cent compared with an increase in cost of sales of only 67 per cent.
• Product gross margins increased by $1,836,518 or 41.3 per cent compared with $686,599 or 30.6 per cent due primarily to an increase in revenue for higher prices items resulting from the introduction of the multiprice strategy and assortment mix.

Other performance metrics: Q1 2024 vs. Q1 2023

• Sales units increased by 44 per cent as a result of increase in demand, increased product assortment and mix;
• Same-store sales increased by 43 per cent in Q1 2023 compared with Q1 2022;
• Average ticket increased by 14.2 per cent.

Key achievements YTD 2023

• On June 9, 2023, the company secured a $20-million senior secured credit facility to finance its expansion plans;
• In January, 2023, the company closed a private placement through the issuance of 17,760,264 units of the company at a price of 15 cents per unit for gross proceeds of $2,664,039.60. Each unit consists of one common share and one common share purchase warrant.

This earnings news release should be read in conjunction with the company's condensed consolidated interim financial statements for the three-month period ending April 30, 2023, which can be found on Pesorama's issuer profile on SEDAR.

About Pesorama Inc.

Pesorama, operating under the JOi Canadian Stores brand, is a Mexican value dollar store retailer. Pesorama launched operations in 2019 in Mexico City and the surrounding areas targeting high-density, high-traffic locations. Pesorama's 21 stores offer consistent merchandise offerings which include items in the following categories: household goods, pet supplies, seasonal products, party supplies, health and beauty, snack food items, confectionery, and more.

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