Bargain shoppers help boost earnings for Dollar Tree

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Dollar Tree Inc. reported today that earnings increased by 50 percent in the second quarter, compared with the same time a year ago. Value-conscious customers
looking to buy basic goods in a recession for a $1 helped bump up sales.

The Chesapeake-based operator of discount variety stores said net income rose to $56.9 million, up from $37.6 million in the second quarter of 2008. Earnings per diluted share for the quarter, which ended Aug. 1, were 63 cents, up from 42 cents.

“Our sales continue to grow across a wide range of merchandise categories,” President and CEO Bob Sasser said in a statement. In fact, things are going so well that the company raised its guidance for 2009, with total sales estimated to come in at about $5 billion for its more than 3,700 stores.

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