Dollar Tree 3Q Profit Up 20%

Chesapeake, Va. Dollar Tree Inc. said Tuesday third-quarter profit rose 20%, boosted by food sales as consumers shopped for bargains on necessities.

Profit for the quarter ended Nov. 1 rose to $43.1 million, from $35.9 million.

As previously reported Nov. 6, revenue rose about 12% to $1.11 billion from $997.8 million last year.

Same-store sales rose 6.2% during the quarter.

Food and seasonal merchandise were the strongest sellers, the company said.

Separately, the company raised its guidance for the year due to the strong third-quarter results.