Dollar Tree Posts Nice Profit, Raises Outlook

Published by: Frank Galvano on 18th Nov 2010 | View all blogs by Frank Galvano
Dollar Tree logo.JPG
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.

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