Dollar Tree profit beats and raises outlook

Low-price retailer Dollar Tree (DLTR.O) posted a higher-than-expected quarterly profit as consumers flocked to the store and spent more per visit, prompting the chain to raise its profit and sales outlook.

Shares were up 2.3 percent in premarket trading.

The company, which sells most of its goods for $1, said profit for the quarter ended on October 30 was $93.2 million, or 73 cents a share, compared with $68.2 million, or 51 cents a share, a year earlier. Analysts on average were expecting 62 cents per share, Thomson Reuters I/B/E/S.

Sales rose 14.2 percent to $1.43 billion fueled by an 8.7 percent increase in sales at stores open at least a year, or same-store sales.

Read Full Article from Reuters

- Posted: 2010-11-18 08:36:14

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