Dollar Tree, Inc. (NASDAQ: DLTR), the leading operator of discount variety stores in North America, announced its financial results for the third quarter.
For the fiscal third quarter, net sales rose 6.3% to $5.32 billion from the $5.00 billion for the same period last year, beating estimates of $5.28 billion. Same-store sales at Dollar Tree's namesake chain increased 5.2%, beating analysts’ estimates of rising 3.2%.
Net income increased from $171.6 million, or $0.72 per share, for the same period last year, to $239.9 million, or $1.01 per share, in the third quarter. The result surpassed estimate of $0.90 per share.
In the third quarter, Dollar Tree opened 169 stores, closed six stores, and expanded or relocated 23 stores. In addition, retail selling square footage at quarter end was around 115.8 million square feet, according to the company.
“Our team delivered terrific results in the third quarter,” Gary Philbin, the President and Chief Executive Officer of Dollar Tree, said on Tuesday.
“Same-store sales accelerated in both the Dollar Tree and Family Dollar banners; we delivered a 120 basis point improvement in enterprise operating margin; and earnings per share grew more than 40% from the prior year. Our third quarter results demonstrate our continuing progress in delivering value and convenience, serving more customers in more markets across North America, through our diversified business model,” he said.