Chesapeake, Va. Dollar Tree Inc. said Wednesday its second-quarter profit grew 15% as consumers turned to the discount retailer amid a tough economy.
The company earned $37.6 million compared with a profit of $32.6 million in the same quarter last year. Sales rose 12.5% to $1.1 billion from $971.2 million.
Dollar Tree said same-store sales increased 6.5% in the quarter.
"Our performance in the second quarter demonstrates the growing relevance of Dollar Tree to the consumer during tough economic times," CEO Bob Sasser said in a statement. "Increased demand for basic, consumable product is driving more customers into our stores, resulting in higher operating margin and earnings in the second quarter."