Dollar Tree reports record growth

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Discount retailer Dollar Tree Stores Inc. continues to be a powerhouse in the weak economy.

The Chesapeake-based company reported sales of $1.56 billion during its fourth quarter that ended Jan. 30, a 12.4 percent increase form the previous years. Sales at comparable stores grew 6.6 percent. Net income in the quarter increased to $135 million, compared with $105.2 million during the fourth quarter of 2008.

The company previously reported its full-year sales — a record $5.23 billion. Sales were up 12.6 percent compared with 2008. The company continued to add new stores. Dollar Tree opened 240 stores, closed 25 stores and expanded or relocated 75 stores.

The company says it expects sales of $5.59 billion to $5.76 billion in 2010.

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