September 14, 2011 / 9:39 PM / in 6 years

UPDATE 1-New stores boost Dollarama Q2 profit

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Sept 14 (Reuters) - Dollarama Inc , Canada’s largest operator of dollar stores, reported a 79 percent rise in second-quarter profit, helped by sales from the new stores it opened in the past one year.

For the second quarter, net income rose to C$37.6 million ($37.8 million), or 50 Canadian cents a share, from C$21.0 million, or 28 Canadian cents a share, a year ago.

Sales for the company, which has more than 600 locations across Canada, rose 13 percent to C$387.5 million.

Shares of Montreal-based Dollarama, which hit lifetime high of C$34.45 on Wednesday, closed at C$34.27 on the Toronto Stock Exchange. ($1 = 0.993 Canadian Dollars) (Reporting by Ankur Banerjee in Bangalore; Editing by Saumyadeb Chakrabrty)

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