Dollar Tree net income rises 12% in Q3
Chesapeake, Va. -- Dollar Tree reported Thursday that profit for the third quarter rose 12.1% to $104.5 million, from $93.2 million a year earlier.
Revenue rose 11.9% to $1.6 billion, surpassing Wall Street’s expected $1.58 billion. Performance has been consistent with the strength of the category, as the discounter has recorded double-digit year-over-year percentage revenue increases over the past five quarters.
Same-store sales rose 4.8% in the third quarter.
"I am very pleased with the company’s performance in the third quarter," said president and CEO Bob Sasser. “Dollar Tree achieved double-digit growth in sales, operating margin and earnings per share against a very strong performance last year.”
During the third quarter, Dollar Tree opened 98 stores, expanded or relocated 24 stores, and closed five stores. Retail selling square footage increased 8.7% compared with a year ago, to 37.4 million sq. ft.