Dollar Tree profit surges 39%
Chesapeake, Va. Dollar Tree said Wednesday that its first-quarter profit increased 39% as same-store sales surged 9.2%.
Dollar Tree said it earned $60.4 million, compared with a profit of $43.6 million in first quarter 2008. Net sales rose to $1.20 billion from $1.05 billion.
“Our customer traffic once again increased in the first quarter, driving sales and earnings ahead of guidance and outstanding financial performance for our shareholders,” said president and CEO Bob Sasser in a statement.
The chain continues to grow. During the first quarter, Dollar Tree opened 79 stores, closed three stores, and expanded or relocated 25 stores. Retail selling square footage increased 6.4% compared with a year ago, to 31.0 million sq. ft.