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Dollarama tops profit estimates as shoppers spend more

Reuters
A pedestrian walks past a Dollarama store in Ottawa, Ontario, Canada, September 1, 2016. REUTERS/Chris Wattie

(Reuters) - Canadian dollar-store chain Dollarama Inc (Toronto:DOL.TO - News) topped analysts' forecasts for third-quarter profit, as it opened more stores and benefited from higher customer spending on average.

Dollarama said on Wednesday its comparable sales rose 4.6 percent in the quarter ended Oct. 29, as the average checkout bill rose 4.5 percent.

Montreal-based Dollarama operated 66 more stores at the end of the quarter compared with the same period last year, bringing the total to 1,135.

The company's net earnings rose 18.2 percent to C$130.1 million ($102.7 million).

On a per-share basis, Dollarama earned C$1.15 and topped analysts' average expectation of C$1.11, according to Thomson Reuters I/B/E/S.

Sales climbed 9.7 percent to C$810.6 million.

(Reporting by Ahmed Farhatha in Bengaluru; editing by Sai Sachin Ravikumar)