Sales gains lift Dollar Tree’s 1Q profit 4%
By MICHAEL FELBERBAUM | AP Business Writer May 22, 2014 7:50AM
Updated: May 22, 2014 7:50AM
RICHMOND, Va. — Dollar Tree is reporting a 4 percent jump in first-quarter net income as consumers spent more at its discount stores.
Earnings totaled $138.3 million, or 67 cents per share, up from $133.5 million, or 59 cents per share, a year ago.
That edged out Wall Street expectations by a penny, according to a poll by FactSet.
The company, based in Chesapeake, Virginia, saw revenue increase more than 7 percent to $2 billion. Sales at established stores rose 2 percent.
Dollar Tree also raised its full-year earnings forecast to a range of $2.94 to $3.12 per share. Analysts expect $3.13 per share.
Dollar Tree Inc. operates more than 5,080 stores in the U.S. and Canada.