April 8, 2010 / 12:07 PM / in 8 years

UPDATE 1-Dollarama profit rises as Canadians hunt bargains

* EPS C$0.45 vs consensus C$0.37

* Sales up 15.4 pct at C$364.1 million

* Same-store sales up 9.3 pct

(Adds details)

TORONTO, April 8 (Reuters) - Dollarama Inc (DOL.TO) said on Thursday its quarterly profit rose more than 400 percent as recession-weary shoppers flocked to Canada’s largest operator of dollar stores.

Dollarama, which went public in October, said same-store sales rose 9.3 percent during the quarter as the company opened new stores and the number and size of purchases grew.

The company, with more than 600 locations across Canada, also said it attracted more consumers for merchandise priced above its traditional C$1 price point.

For the fourth quarter ended Jan. 31, the company earned C$34 million, or 45 Canadian cents a share, compared with C$6.5 million, or 15 Canadian cents a share, a year ago. Sales grew 15.4 percent to C$364.1 million.

Analysts on average had expected the company to earn 37 Canadian cents per share and revenue of C$359.3 million, according to Thomson Reuters I/B/E/S. ($1=$1.01 Canadian) (Reporting by Scott Anderson, editing by Gerald E. McCormick)

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