Dollar Tree reports continued sales growth

THE TAKE: Discount retail chain Dollar Tree Inc. reported an 8.8 percent growth in sales during its second quarter. The Chesapeake-based company said comparable store sales grew 3.7 percent. During the second quarter, Dollar Tree opened 81 stores, expanded or relocated 32 stores and closed two stores. Retail square footage grew 7 percent over last year, up to 41.9 million square feet.

THE NUMBERS:

Revenue: Total revenues grew 8.8 percent in the second quarter to $1.85 billion from $1.7 billion during the second quarter of 2012.

Profit: Profit grew 4.6 percent to $124.7 million, compared with $119.2 million in same period last year. Earnings per diluted share were at 56 cents per share, up from 51 cents per diluted share.

THE COMPANY’S TAKE: President and CEO Bob Sasser: “I am pleased with our second quarter performance. Sales, customer traffic, average ticket, earnings and operating margin all continue to grow. Customers are responding in record numbers to our outstanding values in both discretionary and consumable merchandise categories. Our stores are well-stocked with a terrific merchandise presentation for back- to- school and the fall selling season.”