Dollar Tree continues strong earnings streak

May 19, 2011
CHESAPEAKE, Va.
­ Dollar Tree reported 34.4% year-over-year EPS growth for the first quarter of 2011. Earnings per diluted share for the first quarter were 82 cents, compared with earnings per diluted share of 49 cents reported for the quarter ended May 1, 2010, which included a non-recurring, non-cash charge of $26.3 million relating to a retail inventory accounting change in the first quarter 2010.
The company reported that consolidated net sales for the first quarter were $1.55 billion, a 14.3% increase compared with $1.35 billion reported for the quarter ended May 1, 2010. Comparable-store sales increased 7.1%, on top of a 6.5% increase for the first quarter 2010.

“I am pleased by Dollar Tree’s continuing growth in sales and earnings,” president and CEO Bob Sasser said. “Our business momentum was strong throughout the first quarter. Seasonal performance was outstanding from Valentine’s through Easter. Both traffic and ticket increased as more customers continue to rely on Dollar Tree for great merchandise values and a fun, convenient shopping experience.”
During the first quarter, Dollar Tree opened 83 stores, closed 7 stores, and expanded or relocated 41 stores. Retail selling square footage increased 9% compared with a year ago, to 36 million sq. ft.
 
Dollar Tree said it estimates sales for the second quarter of 2011 to be in the range of $1.51 billion to $1.55 billion, based on low –to- mid single digit positive comparable-store sales. Diluted earnings per share are estimated to be in the range of 68 cents to 75 cents.

Source