Dollar Tree 2Q profit up on higher sales

Dollar Tree 2Q profit up on higher sales

Credit: Dollar Tree Website

Dollar Tree 2Q profit up on higher sales

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Associated Press

Posted on August 16, 2012 at 11:38 AM

RICHMOND (AP) -- Dollar Tree says its net income increased nearly 26 percent in the second quarter as consumers spent more at the discount retailer. The results missed analysts' expectations and its shares fell 6 percent in premarket trading.

The chain said Thursday that it made $119.2 million, or 51 cents per share, for the period ended July 28. That's up from $94.9 million, or 39 cents per share, a year ago.

Net sales increased 10.5 percent to $1.7 billion. Sales at stores open at least one year rose 4.5 percent.

Analysts expected earnings of 47 cents per share on sales of $1.71 billion.

Dollar Tree expects to earn 47 to 51 cents per share in the third quarter, short of the 52 cents expected by analysts.

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