09/01/2016 05:00 EDT | Updated 09/01/2016 05:03 EDT

Dollarama Profits Soared In The 2nd Quarter

MONTREAL — Dollarama Inc. is reporting $106.4 million of net income for its second quarter, up 11.4 per cent from the same time last year.

Net income was equal to 88 cents per diluted common share, up from 74 cents per share or $95.47 million in last year's second quarter.

The Montreal-based retailer says the improved profit was due to higher sales from its expanding chain of low-priced general merchandise stores.

Revenue for the 13 weeks ended July 31 was nearly $729 million, up 11.6 per cent from $653.3 million a year earlier.

Comparable store sales were up 5.7 per cent while the number of stores grew to 1,051 from 989 on Aug. 2, 2015.

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