Dollarama profit rises 20 pct on higher sales, store openings

Thu Dec 5, 2013 7:41am EST

Dec 5 (Reuters) - Dollarama Inc, a Canadian dollar-store operator, reported a 20 percent rise in profit due to higher sales and new store openings.

Net income rose to C$61.7 million ($57.71 million), or 87 Canadian cents per share, for the quarter ended Nov. 3 from C$51.5 million, or 68 Canadian cents, a year earlier.

The Montreal-based company said overall sales climbed 14.2 percent to C$522.9 million. Sales at established stores, a key indicator for retailers, rose 4.8 percent. ($1 = 1.0691 Canadian dollars) (Reporting by Ashutosh Pandey in Bangalore; Editing by Savio D'Souza)