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A customer shops at the Dollarama in Vaughan, Ont.

JENNIFER ROBERTS/The Globe and Mail

Dollarama Inc. , Canada's largest operator of dollar stores, reported a market-beating third-quarter profit, helped mainly by sales from its new stores.

Dollarama, which went public in 2009, is growing quickly as bargain-hunting Canadians who flocked to its stores during the economic downturn, stayed on after the economy recovered.

Net income rose 33.5 per cent to $41.8-million, or 55 cents per share.

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The company, which has more than 600 stores across Canada, saw sales rising 12.5 per cent to $400.3-million on contributions from the 51 new stores opened since October 2010.

Analysts on average had expected earnings of 53 cents a share, according to Thomson Reuters I/B/E/S.

Dollarama, whose investors include Bain Capital, said sales at stores open for at least a year, a key indicator for retailers, rose 5.1 per cent.

Shares of Montreal-based Dollarama, which have gained 20 per cent in value over the past three months, closed at $40.32 on Tuesday on the Toronto Stock Exchange.

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