Discount store Dollar Tree Inc. reported a 51% profit increase for Q2 and boosts FY09 outlook... as cost-conscious shoppers flock to discount retailers to stretch their dollars amid the economic slowdown.
From RTTNews:
(RTTNews) - Discount stores operator Dollar Tree Inc. (DLTR: News) on Wednesday reported a 51% rise in profit for the second quarter from last year, as cost-conscious shoppers flocked to its stores to stretch their dollars amid the economic slowdown. Earnings per share for the quarter rose 50% and topped analysts' consensus estimate. Buoyed by the results, the company issued earnings outlook for the third quarter above analysts' estimates and raised its earnings as well as revenue outlook for the full year. The company's shares are up more than 5% in the regular trading session.
Second-Quarter Results
The Chesapeake, Virginia-based company, which sells most of its merchandise for $1 or less, said its net income for the second quarter increased 51.3% to $56.9 million from $37.6 million in the year-ago quarter. On a per share basis, earnings surged 50% to $0.63 from $0.42 earned in the same quarter of last year.
