Dollar Tree reports 39 percent increase in profit

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Dollar Tree Stores Inc. reported a 39 percent increase in its first quarter profit as consumers continued to flock to its stores, which sell everything for a dollar or less.

The company reported a 14 percent increase in net sales over the same period last year.

“As consumers are searching for ways to balance their budgets in these uncertain times, more of them are turning to Dollar Tree and finding exceptionally high value merchandise and a fun, convenient shopping experience,” Dollar Tree CEO Bob Sasser said in a statement. “Our customer traffic once again increased in the first quarter, driving sales and earnings ahead of guidance and outstanding financial performance for our shareholders.”

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