Dollar Tree 1Q sales rise 7.8%, top $1 billion

CHESAPEAKE, Va. Dollar Tree reported sales of $1.05 billion, a 7.8% increase over last year's $975 million, for the first quarter of 2008, ended May 3. Comparable-store sales rose 2.1%.

Sales for the quarter were driven by food, HBC and party supplies.

"Sales were strong throughout the quarter and exceeded guidance," stated president and ceo Bob Sasser. "Dollar Tree is relevant for these challenging times. When customers are pressured by rising prices, they know that we have the things they need and want for just $1, every day."

During the quarter, the company opened 83 stores, closed 20 stores and expanded or relocated 24 stores. At the end of the quarter, it operated 3,474 stores in 48 states, compared to 3,280 stores a year prior.