Chesapeake-based Dollar Tree posts 2nd quarter profit

Chesapeake-based Dollar Tree posts 2nd quarter profit

Credit: Dollar Tree Website

Chesapeake-based Dollar Tree posts 2nd quarter profit

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Associated Press

Posted on August 22, 2013 at 12:07 PM

Updated Thursday, Aug 22 at 12:08 PM

RICHMOND (AP) -- Dollar Tree says its net income increased nearly 5 percent in the second quarter as consumers spent more at the discount retailer.

The Chesapeake-based company said Thursday that it earned $124.7 million, or 56 cents per share, for the period ended Aug. 3. That's up from $119.2 million, or 51 cents per share, a year ago.

Revenue increased about 9 percent to $1.85 billion. Sales at established stores rose nearly 4 percent.

Analysts expected earnings of 57 cents per share on revenue of $1.86 billion.

The company also raised the lower end of its full-year earnings forecast to a range of $2.65 to $2.77 per share. Analysts expect $2.82 per share.

Dollar Tree Inc. operates more than 4,840 stores in the U.S. and Canada.

AP-WF-08-22-13 1311GMT

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