UPDATE 1-Indigo Books Q3 profit rises 29 pct

* Rev rises 3 pct

* Says same store sales at Indigo, Chapters rose 3.4 pct

Jan 25 (Reuters) - Canada's biggest book retailer Indigo Books & Music (IDG.TO) posted a 29 percent rise in quarterly profit, helped by higher sales from its Indigo and Chapters superstores.

For the third quarter ended Dec. 26, the company reported profit of C$34.5 million, compared with C$26.8 million, a year earlier.

Revenue rose 3 percent to C$340.2 million.

On a comparable store basis, Indigo and Chapters superstores posted 3.4 percent growth, while Coles and Indigo Spirit small format stores fell 1.6 percent, the company said in a statement.

Sales from Indigo's online channel, chapters.indigo.ca, fell 2.7 percent to C$29.3 million.

Shares of the company closed at C$16.50 Monday on the Toronto Stock Exchange. (Reporting by Koustav Samanta in Bangalore; Editing by Jarshad Kakkrakandy)