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Sales gains lift Dollar Tree's 4Q profit 22 pct

Wednesday - 2/27/2013, 9:19am  ET

AP Business Writer

RICHMOND, Va. (AP) -- Dollar Tree says its net income increased nearly 22 percent in the fiscal fourth quarter as consumers spent more and the discount retailer benefited from an extra week of sales.

The company also expects sales to increase in the current quarter.

Chesapeake, Va.-based Dollar Tree Inc. said Wednesday that it earned $228.6 million, or $1.01 per share, for the period ended Feb. 2, up from $187.9 million, or 80 cents per share, the year before. Revenue increased more than 15 percent to $2.25 billion as revenue in established stores rose 2.4 percent.

Analysts polled by FactSet expected profit of 99 cents per share on revenue of $2.22 billion.

The company operates more than 4,670 stores in the U.S. and Canada.

Shares are up 4 percent in premarket trading.

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