By John Shmuel, Financial Post; Postmedia News December 8, 2010 TORONTO – Dollarama Inc. said Wednesday its third-quarter profit had increased to $31.3 million, compared with $1.14 million a year ago when it launched its initial public offering and incurred interest expenses.

Canada’s largest operator of dollar stores also recorded higher sales, bringing in $355.7 million for the quarter, a 13.7 per cent increase from last year. That growth, however, was driven mainly by the addition of 45 new stores since Nov. 1, 2009. Comparable store sales increased only eight per cent.

“We are very pleased with our financial and operating results. We continue to meet our new store opening targets and we recorded a healthy increase in comparable store sales,” said CEO Larry Rossy in a statement.

The growth in comparable store sales was mainly fueled by a 6.3 per cent increase in the average purchase made, and a 1.6 per cent increase in total purchases. Dollarama said it opened 17 stores during the quarter, and closed one.

Diluted earnings per share came in at 42 cents for the third quarter, compared with two cents a share for the previous quarter.