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Dollar Tree profit soars 59%, raises forecast
Chesapeake, Va. -- Dollar Tree reported Thursday that net income for the quarter ended April 30 rose 59% to $101 million, compared with $63.6 million in the year-ago period. The 2010 figure included a charge of $26.3 million for a retail inventory accounting change.
The retailer raised its sales and profit forecast for the rest of the year.
Revenue increased more than 14% to $1.55 billion, beating Wall Street expectations. Same-store sales rose 7.1%.
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Sears posts $170 million loss on weak sales
Hoffman Estates, Ill. -- Sears Holding Corp. reported Thursday that it recorded a bigger-than-expected loss in the first quarter as its shoppers cut back on spending. The chain said it lost $170 million, compared with net income of $16 million in the year-ago period.
The retailer had cautioned earlier in May that it expected a first-quarter loss due mainly to a drop in appliance, clothing and consumer electronic sales.