June 10, 2010 / 11:45 AM / 8 years ago

UPDATE 1-Dollarama's Q1 profit doubles on new stores

* Q1 EPS C$0.30 vs C$0.26

* Sales up 14 pct

* Same store sales up 8.6 percent

June 10 (Reuters) - Dollarama Inc’s DOL.TO quarterly profit more than doubled, helped by addition of new stores.

For the first quarter ended May 2, Canada’s largest operator of dollar stores reported net earnings of C$22.5 million, or 30 Canadian cents a share, compared with C$11.1 million, or 26 cents a share, a year ago.

Sales of the company, which went public October last year, rose 14 percent to C$311.9 million.

Same store sales rose 8.6 percent driven by 6.6 percent increase in average transaction size.

The company said it added 34 new stores after the first quarter of 2009.

Shares of the company closed at C$25.25 Wednesday on the Toronto Stock Exchange. (Reporting by Aftab Ahmed in Bangalore; Editing by Don Sebastian) (aftab.ahmed@thomsonreuters.com; within U.S. +1 646 223 8780; outside U.S. +91 80 4135 5800; Reuters Messaging: aftab.ahmed.reuters.com@reuters.net))

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