UPDATE 2-Dollarama profit beats as shoppers loosen purse strings
* Q1 shr C$0.50 vs est C$0.47
* Co expects to introduce products at higher price points
* Plans to add 70-80 net new stores in Canada in 2016
* Shares rise as much as 3.5 pct (Adds background, details from conference call, CFO comments)
By Darshana Sankararaman
June 10 (Reuters) - Canadian dollar-store operator Dollarama Inc reported a higher-than-expected quarterly profit on Wednesday as customers spent more per visit, boosting the company's same-store sales.
The retailer, which sells items for up to C$3, is also considering introducing higher priced products, though these are not expected to be priced above C$4 in the foreseeable future, Chief Financial Officer Michael Ross told Reuters.
The average check-out bill at Dollarama's stores rose 5.9 percent in the first quarter, with about 73.2 percent of sales being generated from items priced above C$1, compared with 63.2 percent in the same quarter last year, the Montreal-based retailer said.
Dollarama and other Canadian retailers have been facing stiff competition from U.S. retailers such as Wal-Mart Stores Inc, which have been expanding their presence in the region. Continued...