Dollar Tree posts larger-than-expected Q4 profit

Chesapeake, Va. -- Dollar Tree Inc. reported Wednesday a bigger-than-expected profit of $228.6 million for the quarter ended on Feb. 2, up from $187.9 million in the year-ago period.



Sales climbed 15.4% to $2.25 billion, boosted by an extra week in the quarter. Wall Street expected $2.23 billion in sales. Same-store sales increased 2.4%.



“I am pleased with the growth of Dollar Tree’s sales and earnings in the fourth quarter and for the year of 2012,” said president and CEO Bob Sasser. “On top of a very strong fourth quarter performance in 2011, average basket size increased and customers responded this year in record numbers. These results were achieved through the efforts of thousands of Dollar Tree associates across North America, working every day to provide a unique assortment of merchandise at great values in stores that are clean, bright, and fun to shop.”



For the full year, the company’s consolidated net sales were $7.39 billion, an 11.5% increase compared with 2011 sales of $6.63 billion. Same- store sales increased 3.4%, on top of a 6.0% increase last year.