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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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Hot Topic loss widens in Q1
City of Industry, Calif. -- Hot Topic reported Wednesday that its loss for the fiscal first quarter widened to $7.7 million, compared to a net loss of $1.8 million last year.
The first quarter results include $12.4 million of expenses for the implementation of the previously announced charges for strategic business changes and cost reduction plan.
Revenue dipped 0.8% to $161.3 million compared with $162.6 million for the first quarter last year. Same-store sales edged up 0.2%.