Dollar Tree profit soars 51%, beats Street

Chesapeake, Va. Dollar Tree on Wednesday posted a 51% rise in profit for the second quarter, and boosted its full-year sales and earnings forecast.

Dollar Tree earned $56.9 million in the three months that ended Aug. 1, compared with $37.6 million a year earlier. Its results beat analysts’ estimates.

Revenue rose 12% to $1.22 billion, from $1.09 billion a year ago and matched analysts' average estimate. Same-store sales rose 6.8%.

Similar to other extreme-value retailers, Dollar Tree, which sells goods priced at $1 or under, has flourished during the downturn as shoppers seek out deals to stretch limited budgets.