Dollar Tree posts 19% earnings growth for Q3
CHESAPEAKE, Va. — Dollar Tree posted big sales and earnings growth for the quarter, showing that discounters remain dominant in this economy. The company reported that consolidated net sales for the third quarter were $1.60 billion, an 11.9% increase compared with $1.43 billion reported for the quarter ended Oct. 30, 2010. Comparable-store sales increased 4.8%, on top of an 8.7% increase for the third quarter 2010.
Earnings per diluted share for the third quarter were 87 cents, an increase of 19.2% compared with the 73 cents earnings per diluted share reported for the quarter ended Oct. 30, 2010.
"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. Our merchandising and store teams continue to deliver exciting products at great values and a fun, friendly, convenient shopping experience for our customers.”
The company estimates sales for the fourth quarter of 2011 to be in the range of $1.89 billion to $1.94 billion, based on low to mid single digit positive comparable-store sales. Diluted earnings per share are estimated to be in the range of $1.50 to $1.57.
Full year sales are now estimated to be in the range of $6.57 billion to $6.62 billion. Diluted earnings per share are expected to be $3.94 to $4.01.