Chesapeake, Va. Strong sales and a lower tax rate led discount retailer Dollar Tree Inc. to report Wednesday that its fiscal first-quarter profit grew 14%.
For the quarter ended May 3, net income jumped to $43.6 million from $38.1 million in the prior year quarter.
A lower income tax rate helped the company's results. The tax rate was 36% in the 2008 quarter and 37.2 percent in the 2007 period.
Revenue rose 8% to $1.05 billion from $975 million in the first quarter of 2007. Meanwhile, same-store sales rose 2.1%.