This is a company making record profits

They have this year, but interest rates are also up.

Their longer-term average profit margin is only 1.77%. That's not good. Most business need a 10% profit margin to be considered healthy. Most other business doing as poorly as they would have closed their doors years ago!

However, it works in their case because the retail profit's purpose is only to service the debt, expecting the actual profitability to come from land and capital appreciation. It is no surprise that their profit margin is up this year commensurate with interest rates.

they’re not going to shut down because Dollarama is selling bread.

They very well might. They haven't left too much room for error in the margins. Given all the bread scandals we've heard about lately, one would be inclined to think it must be a grocery store's cash cow.