Dollar Tree Posts Nice Profit, Raises Outlook
Dollar Tree Posts Nice Profit, Raises
Outlook
The discount retailer Dollar Tree reported third-quarter results on Thursday, posting higher-than-expected profits and raising its outlook for the year.
Dollar Tree, which sells the majority of its products for just $1, reported profit for the quarter that ended October 30th as $93.2 million, or 73 cents per share, compared with profits of $68.2 million, 51 cents per share, in the third quarter of 2009. Analysts who participated in a recent Thomson Reuters survey had forecast an average of 62 cents per share.
The company's sales increased by 14.2 percent in the period to $1.43 billion, driven by an 8.7 percent increase in sales among its stores open for at least a year. The company raised its full year profit per share outlook excluding certain items by 13 cents to between $3.14 and $3.21 per share.
Dollar Tree and other discount retailers have thrived during the recent recession as US consumers have looked for ways to save money, especially on basic grocery needs.
The discount retailer Dollar Tree reported third-quarter results on Thursday, posting higher-than-expected profits and raising its outlook for the year.
Dollar Tree, which sells the majority of its products for just $1, reported profit for the quarter that ended October 30th as $93.2 million, or 73 cents per share, compared with profits of $68.2 million, 51 cents per share, in the third quarter of 2009. Analysts who participated in a recent Thomson Reuters survey had forecast an average of 62 cents per share.
The company's sales increased by 14.2 percent in the period to $1.43 billion, driven by an 8.7 percent increase in sales among its stores open for at least a year. The company raised its full year profit per share outlook excluding certain items by 13 cents to between $3.14 and $3.21 per share.
Dollar Tree and other discount retailers have thrived during the recent recession as US consumers have looked for ways to save money, especially on basic grocery needs.
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