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Dollarama employee restocks shelves at the store in Vaughan, Ont.

JENNIFER ROBERTS/Jennifer Roberts for the

Discount retailer Dollarama Inc. says its fourth-quarter profit grew to $42-million on the back of stronger sales.

The Montreal-based general merchandise retailer said the results were equal to 56 cents per share for the three months ended Jan. 30, compared with $34-million or 45 cent a share in the same period a year earlier.

Sales rose 12.3 per cent to $408.7-million, from $364.1-million, helped by stronger sales as it added new Dollarama locations throughout the fiscal year.

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Same-store sales, a key barometer for the industry, rose 5.3. per cent.

For the year, profit was $116.8-million versus $72.9-million in fiscal 2009.

Overall sales were up 13.3 per cent to $1.42-billion in 2010 from $1.25-billion in the previous year. Same-store sales were up 7.3 per cent.

"We opened 49 net new stores during fiscal 2011, above our original expectations," said chief executive officer Larry Rossy in a release.

"Given our current pipeline, we believe we can open approximately 50 new stores during fiscal 2012. In addition, our productivity initiatives are on track."

Dollarama, founded in 1992, is Canada's largest dollar store operator with 652 locations outlets across the country.

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