Dollar Tree Inc. posted a 14.3 percent increase in revenues during its first quarter as consumers continued to shop for discounted goods in a weak economy.
Chesapeake-based Dollar Tree reported revenues of $1.55 billion for its first quarter ended April 30, compared to $1.35 billion during the first quarter of 2009.
Net income was up 59 percent to $101 million, or 82 cents per diluted share, compared with $63.6 million, or 49 cents per diluted share, last year.
“Seasonal performance was outstanding from Valentine’s through Easter,” Dollar Tree President and CEO Bob Sasser said in a statement. “Both traffic and ticket increased as more customers continue to rely on Dollar Tree for great merchandise values and a fun, convenient shopping experience.”
The company saw a 7.1 percent revenue growth at its existing stores.
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